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Retail and Consumer Prices: an Explanatory Note

Published online by Cambridge University Press:  26 March 2020

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Abstract

In this Review, as a response to comments from readers, we have replaced the consumer price index by the retail price index as a measure of annual price inflation in our Summary table of our forecast for the home economy. This note therefore sets out the differences between the two series in order to make the nature of the change clear.

Type
Articles
Information
National Institute Economic Review , Volume 94 , November 1980 , pp. 73 - 76
Copyright
Copyright © 1980 National Institute of Economic and Social Research

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References

page 73 note (1) This note was prepared by David Savage.

page 73 note (2) The method of calculation of the RPI, prices covered, and weights used are discussed in great detail in ‘Method of Construction and Calculation of the Index of Retail Prices’, HMSO. The main source of official information on the CPI is Rita Maurice: ‘National Accounts Statistics: Sources and Methods’, HMSO.

page 73 note (3) Cmnd 1657, HMSO.

page 73 note (4) Retail Prices Index Advisory Committee, ‘Housing costs, weighting and other matters affecting the retail prices index’, Cmnd 5905, HMSO.

page 74 note (1) The volume of expenditure is calculated as:

in period n where o is the base period and the value series is

The CPI is (2) divided by (1), that is: