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Inflation: Key Economic Indicators

Published Wednesday, March 22, 2017

Inflation: Data on both the CPI and RPI inflation indices.

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The Consumer Prices Index (CPI) is the main measure of inflation. It is produced in line with international standards and is the measure used for the Bank of England’s 2% inflation target. The Retail Prices Index (RPI) is no longer classified as a National Statistic as the way it is calculated does not meet international standards. It is included here as it is well-known and is the longest running measure of inflation.

The CPI inflation rate was 2.3% in January, up from 1.8% in January. This is the CPI’s highest rate since September 2013.

The RPI inflation rate also increased from 2.6% in January to 3.2% in February. This is also the RPI’s highest rate since September 2013.

The main contribution to the CPI increase came through rising transport costs, particularly for fuel.

Food prices also increased between February 2016 and February 2017, following 31 consecutive months of prices falling on the year.

Commons Briefing papers SN02792

Author: Dominic Webb

Topics: Economic policy, Economic situation

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