The Construction of RPIY

Working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
Published on 01 February 1995

Working Paper No. 28
By R Beaton and P G Fisher

This paper outlines the calculations used to construct the Bank of England's measure of retail price inflation which excludes the effects of indirect taxes on final consumption, mortgage interest payments and local authority taxation. This measure of inflation has been constructed in order to yield more information on changes in underlying inflation than is afforded by the Government's target measure of retail price inflation, RPIX, which excludes only mortgage interest payments.

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