UK lawmakers demand fix for RPI miscalculation
House of Lords says Statistics Authority’s failure to fix error has left many members of public poorer
A committee of the UK’s House of Lords has demanded the country’s Statistics Authority to reform its retail price index, with the longer term view of establishing a single general measure of inflation.
Currently, the UK has two main measures of inflation, the RPI and the consumer price index, with the latter used as the target for monetary policy. But there are differences between the two, and methodological flaws in the RPI have led many to question the widespread use of the index by the
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