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Inflation: Key Economic Indicators

Published Friday, February 17, 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 1.8% in January, up from 1.6% in December. This is the CPI’s highest rate since June 2014.

The RPI inflation rate also increased from 2.5% in December to 2.6% in January. This is also the RPI’s highest rate since June 2014.

The main contribution to the CPI increase came through prices for motor fuels and food.

These upward pressures were partially offset by prices for clothing and footwear, which fell by more than they did a year ago.

Commons Briefing papers SN02792

Author: Dominic Webb

Topics: Economic policy, Economic situation

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