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Uk inflation history inflation hit 24% in 1975 and in 1976 the Sterling crisis occurred, followed by the Winter of Discontent [2]. The traditional measure of inflation in the UK for many years was the Retail Prices Index (RPI), which was first calculated in the early 20th century to evaluate the extent to which workers were affected by price changes during the First World War.
The UK Government announced in the June 2010 budget that CPI would be used in place of RPI for uprating of some benefits with effect from April 2011. [24] Regarding state pensions, the UK government confirmed in their autumn statement in 2011 that these would go up by the greater of the CPI, average earnings, or 2.5%. [12]
Since 1996 the United Kingdom has also tracked a Consumer Price Index (CPI) figure, and in December 2003 its inflation target was changed to one based on the CPI [39] normally set at 2%. [40] Both the CPI and the RPI are published monthly by the Office for National Statistics. Some rates are linked to the CPI, others to the RPI.
It was the UK's target rate of inflation from October 1992 to December 2003. From June 1997, the Bank of England was given the task of setting interest rates to meet an inflation target of 2.5 per cent on the RPIX measure. Mortgage interest payments were excluded from the inflation target because otherwise the Bank's behaviour would be distorted.
This sub-template returns the associated country's CPI for a specific year. It's used by {{Inflation/doc}} for calculating the inflation rate between two given years, which in turn is used by {} to calculate inflated values. It usually isn't meant to be called directly.
English: The United Kingdom's Consumer Price Index, from 1988 to the present day (December 2013). Some values are (official) estimates for what CPI would have been, had it have existed at that time. 2005=100.
Limited price indexation (LPI) is a pricing index used to calculate increases in components of scheme pension payments in the United Kingdom.Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5%.
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...