Hello bluekat
The short answer is that tracking inflation started in 1914, the year
that a "cost of living" index was introduced by the Board of Trade.
The current measure of inflation in the UK is the "Retail Prices
Index" (RPI) which was introduced in 1947. From 1948 onwards the
annual percentage change was calculated. The figures are published by
the Office of National Statistics.
" A cost of living index has been published since July 1914 and the
retail price index (RPI) was first introduced in 1947. The RPI is
expressed as a percentage of price levels at a given time relative to
a previous date, called the reference date. This date has changed five
times since 1947 and the base point of 100 is currently January 1987.
The Office for National Statistics (ONS) compiles the RPI, which is
the main domestic measure of inflation in the United Kingdom and
measures the average change each month in the prices of goods and
services purchased by most households in the UK."
http://sharingpensions.co.uk/glossary27.htm
Further information at the government National Statistics site:
"Board of Trade Cost of Living Index which began in 1914"
http://www.statistics.gov.uk/STATBASE/ssdataset.asp?vlnk=5012
"The Retail Prices Index is the UK's principal measure of consumer
price inflation."
RPI FAQs
http://www.statistics.gov.uk/CCI/nugget.asp?ID=21
All Items Retail Prices Index (RPI): Percentage Change over 12 months
(Inflation) Table (RP04)
http://www.statistics.gov.uk/statbase/Product.asp?vlnk=9413
RPI - percentage change over 12 months - from 1948
http://www.statistics.gov.uk/downloads/theme_economy/RP04.pdf
"All Items Retail Prices Index (RPI) Table (RP02) back to June 1947.
Also known as the 'Headline rate of inflation'. The RPI was rebased in
January 1952, January 1956, January 1962, January 1974 and January
1987."
http://www.statistics.gov.uk/statbase/Product.asp?vlnk=9412
I used "retail price index" and rpi as search terms, since I was
already familiar with this as the British measure of inflation, and
then followed up with "cost of living" + 1914.
I hope this gives you all the information you need but please don't
hesitate to ask if anything needs clarification.
Regards - Leli |
