Consumer Prices Index

Consumer Prices Index
Consumer Prices Index (CPI)
United Kingdom
One of two consumer price indices used as the domestic measure of inflation in the UK (see also Retail Prices Index (RPI)). The CPI is published by the Office for National Statistics. It measures the average change from month to month in the prices of goods and services purchased by most households in the UK. The government uses the CPI as the basis for its inflation target.
The CPI uses the same basic price data as the RPI, but there are some differences. For example, the CPI:
• Does not include council tax and a number of housing costs but it does include charges for financial services which are not included in the RPI.
• Covers a broader population than the RPI.
• Adopts different mathematical formulae to calculate price changes.
• Has different classifications for goods and services.
For further information, see the Office for National Statistics website .
A series of statistics measuring the average change from month to month in the prices paid by urban consumers for a representative group of goods and services. The CPI is published by the US Bureau of Labor Statistics, an agency of the US Department of Labor. The CPI is used to:
• Measure inflation.
• Adjust other economic series (for example, retail sales and earnings) for price change and to convert these series into inflation-free dollars.
• Adjust income payments to consumers (for example, cost of living adjustments to Social Security payments).
In commercial contracts, rate or price adjustments for future payment obligations are sometimes tied to the corresponding percentage change in a specific CPI index for a set period.
The most comprehensive CPI index is the All Items Consumer Price Index for All Urban Consumers (CPI-U) for the US City Average, 1982-84 = 100. The US Bureau of Labor Statistics provides detailed information on the CPI: .

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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