UK statistics office to keep 'unsuitable' inflation measure

The UK's Office for National Statistics (ONS) has confounded expectations of some market participants by recommending no change in the calculation of the RPI measure of inflation, although it did endorse developing a better index alongside the existing one.

The ONS's Consumer Prices Advisory Committee (CPAC) decided it would be best to continue calculating the RPI according to the current methodology using the Carli method of aggregation, but that it would also start calculating an ‘RPIJ' measur