Retail Price Index
The Retail Price Index is the principle measure of Inflation.
It was established in 1947, and is a measure of the cost of goods and services bought by the average household in a month. Rises in this cost are known as inflation, and are expressed as a percentage change. Falling costs are known as deflation.
Several other indexes for measuring inflation also exist, but RPI is the commonly used one as it doesn't include property prices or the untypical spending habits of some people at either end of the wealth scale.
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