CPI vs RPI inflation: what is the difference between ONS measures?

The Office for National Statistics calculates CPI, RPI and CPIH each month. What are they and what do they reveal about UK inflation?

Woman with toddler son shopping in supermarket produce aisle
CPI is the official measure of UK inflation, while RPI is more historical
(Image credit: Fly View Productions via Getty Images)

The Consumer Prices Index (CPI) rose by 3.4% on an annual basis in May – still significantly higher than the Bank of England’s 2% target.

Although this marked a slowdown compared to April’s reading of 3.5%, a data blunder from the Department for Transport meant the headline figure was overstated last month, and should have been 3.4%.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.

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