CPI

For years the rate of inflation was measured by reference to the Retail Prices Index and when I was in legal practice this term was often found in leases and other such long term arrangements to provide a means by which the value could be increased over a period of time to defeat the corrosive effects of price inflation. Then a few years ago along cam e the Consumer Prices Index and the measure of inflation is now more complex some things are measured in accordance with the old Retail Prices Index (RPI) and some with the Consumer Prices Index (CPI). With the news yesterday that inflation as measured by the CPI I decided to investigate what exactly was included in this figure. As you might expect from the Office of National Statistics the answer is detailed and complex.
You can read and study what is involved here:

https://www.ons.gov.uk/economy/inflationandpriceindices/articles/consumerpriceinflationbasketofgoodsandservices/2016

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