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'Strong case' for abandoning CPI 'Strong case' for abandoning CPI
(35 minutes later)
There is a strong case for abandoning CPI as the headline measure of inflation, according to Institute for Fiscal Studies head Paul Johnson. There is a strong case for abandoning the Consumer Prices Index (CPI) as the headline measure of inflation, according to Institute for Fiscal Studies head Paul Johnson.
He was commissioned to review the measures of inflation for the UK Statistics Authority. He was commissioned to review the measures of inflation for the UK Statistics Authority (UKSA).
Mr Johnson suggests replacing CPI with CPIH, a measure that includes owner occupiers' housing costs.Mr Johnson suggests replacing CPI with CPIH, a measure that includes owner occupiers' housing costs.
He also suggests that the government should move away from using RPI for any reason as soon as possible. His recommendations are not binding on the government or the UKSA.
His recommendations are not binding. The authority is now expected to launch a consultation on the report and respond to it later in the year.
Mr Johnson also suggests that the government should move away from using the Retail Prices Index (RPI) for any reason as soon as possible.
It is currently used to determine how much regulated train fares can rise as well as the interest paid on some government bonds.
In the most recent set of inflation figures, CPI and CPIH both showed inflation rising by 1.0%.In the most recent set of inflation figures, CPI and CPIH both showed inflation rising by 1.0%.
But CPIH currently has its designation as a national statistic suspended because of concerns about the way it is calculated.