The Statistics section covers the following.
Retail Prices Index
Consumer Prices Index
Calculating the Increase
Average Weekly Earnings
Bank Base Rates
Popularly known as the “cost of living index” or “retail price index”, this index is designed to show the monthly change in the average level of prices of commodities that are considered necessary for the day-to-day existence of practically all wage earners and most small and medium salary earners and is issued monthly by the Office for National Statistics.
The official index figure is calculated in respect of the Tuesday nearest to the 15th of the month. A period of about four to five weeks is required to collect and summarise the prices and to calculate the “all items” figure, which is released some time between the 16th and the 26th of the month for the previous month.
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