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Some Proposed Methodological Developments for the UK Retail Prices Index

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  • Mick Silver

Abstract

The Retail Prices Index (RPI) is one of the UK’s most important macroeconomic indicators, as well as being used for indexation/adjustments for inflation to wages and benefits. This paper argues that the dynamic changes in product markets and consumers’ responses to price changes need to be incorporated into the RPI if it is to effectively measure changes in the cost of living. The quite positive and innovative work undertaken by the Office for National Statistics (ONS) is acknowledged. However, the basis of the RPI, in measuring the price changes of a matched, fixed basket of goods, is considered inappropriate to modern markets. Some proposals are made.

Suggested Citation

  • Mick Silver, 2003. "Some Proposed Methodological Developments for the UK Retail Prices Index," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 4(1), pages 153-173, January.
    • Handle: RePEc:wej:wldecn:133
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=133
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