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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.
Energy costs for the typical British household were expected to rise 80% from October 2022, from £1,971 to £3,549, [17] until Liz Truss, who was Prime Minister at the time, announced measures to limit these increases. On 23 September 2022, UK Chancellor Kwasi Kwarteng announced his mini-budget, backed by Truss, which included widespread tax ...
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 .
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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 ...
A cost-of-living index is a conceptual measurement goal, however, not a straightforward alternative to the CPI. A cost-of-living index would measure changes over time in the amount that consumers need to spend to reach a certain utility level or standard of living. Both the CPI and a cost-of-living index would reflect changes in the prices of ...
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]
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