retail price index
Noun: * An index of changes in retail prices: A statistical measure that tracks the average change over time in the prices paid by consumers for a representative basket of goods and services. It is a primary indicator used to measure inflation and the cost of living.
The term "retail price index" is used as a singular noun, often preceded by the definite article "the" when referring to a specific national index. It is commonly abbreviated as RPI.
- Noun:
- The government reported that the retail price index rose by 3% last month.
- Many pension plans are adjusted annually in line with the retail price index.
- Economists are concerned about the divergence between the Consumer Price Index (CPI) and the Retail Price Index (RPI).
- "to be linked to the retail price index": Used to describe contracts, wages, or benefits whose value increases automatically based on changes in the RPI.
- The bond's interest payments are linked to the retail price index.
- "retail price index inflation": Specifies the inflation rate as measured by the RPI.
- Retail price index inflation remains higher than the government's target.
- RPI: The standard abbreviation for Retail Price Index.
- Consumer Price Index (CPI): A related but distinct measure of inflation that uses a different methodology and basket of goods. It often excludes housing costs like mortgage interest payments, which the RPI includes.
- Inflation rate: The percentage rate of increase in the price index over a period.
- Cost-of-living index: A general term for indices like the RPI and CPI that measure changes in the cost of maintaining a standard of living.
- Price index (a more general term)
- Cost-of-living index (a broader, sometimes interchangeable term)
The Retail Price Index (RPI) is a specific type of economic indicator. While it measures general price changes, it is distinct from other indices: * It is historically significant in the UK but is no longer classified as a National Statistic. The Consumer Price Index (CPI) is now the UK's primary official measure. * It typically includes costs associated with home ownership, such as mortgage interest payments and council tax, which are not included in the CPI.
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an index of changes in retail prices
