The UK’s chief statistician writes a letter to the UK stats authority
– Says RPI (retail price index) is not a good inflation measure
– Would prefer CPIH (CPI including housing costs) as the main measure of inflation
Mark Carney has been very critical of our stats and wants to shake things up. He’s got a point and RPI can be very volatile and prices these days don’t conform to how they did years ago with the rise of online shopping. In the good old days, sales were seasonal. Now there’s always sales and offers flying around and online, prices can be different one minute to the next. swapping retail prices for housing costs is I probably a smart move.
UK stats office says CPI data including housing costs should be the favoured method
