Retail Price Index

Retail Price Index
= RPI
An index of the prices of goods and services in retail shops purchased by average households, expressed in percentage terms relative to a base year, which is taken as 100. For example, if 1987 is taken as the base year for the UK (i.e. average prices in January 1987 = 100), then in 1946 the RPI stood at 7.4, and in June 2005 at 192.2. The RPI is published by the Office for National Statistics on a monthly basis and includes the prices of some 650 goods and services in 11 groups. The prices of the goods are checked every month and individual items and groups are weighted to reflect their relative importance. Weightings are regularly updated by the Family Expenditure Survey. The RPI can be used to calculate the real change in earnings and expenditure by deflating financial data, and is one of the standard measures of the rate of inflation.

Accounting dictionary. 2014.

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  • retail price index — noun an index of changes in retail prices • Hypernyms: ↑price index, ↑price level * * * retail price index noun A monthly index of the retail prices of specific household goods and services, used as a measure of the rate of inflation (abbrev RPI) …   Useful english dictionary

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  • retail price index abbreviation RPI — noun (singular) an official system of numbers that shows changes in the cost of living in Britain each month, based on the price of goods and services bought by an average person see also: consumer price index …   Longman dictionary of contemporary English

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  • the retail price index — Brit : ↑consumer price index • • • Main Entry: ↑retail price index …   Useful english dictionary

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