Thought for the day

UK Retail Prices for Consumer Services Rise 19.9% in October


 
Last updated: 3 July 2024
 
Although now derided as not up to current standards, the UK Retail Price Index (RPI) is still produced every month, and remains widely used. October data for the RPI reveals very rapidly rising prices, significantly in excess of the Governments now favoured Consumer Price Index.

The October RPI all items index rose by a rather alarming (but little publicised) 14.2%, up from 12.6% in September. RPI data for consumer services price inflation in October shows an even more alarming increase year on year of 19.9%.

UK Retail Price Index for Services up 19.9%
RPI: Percentage change over 12 months - All Services
UK Retail Prices for Consumer Services Rise 19.9% in October




Data source: Office of National Statistics.

Consumers will find their living standards eroded very rapidly by the Government's fiscal drag tax policies, unless these price inflation figures start falling very quickly. As a measure of falling real incomes and spending power the RPI remains relevant, if not internationally comparable with other indexes.

Data worth watching, unless the UK Government follows the China path and stops collecting or publishing embarrassing numbers...  See more data...



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