The Office for National Statistics has today announced that a new additional measure of consumer price inflation will be launched which includes owner occupiers’ housing (OOH) costs.
The new index, which will initially be known as CPIH, will measure OOH costs using the rental equivalence method. This method uses changes in rental prices to measure the costs of owning, living in and maintaining a property. CPIH will be introduced in March 2013 at the same time as the annual CPI/RPI basket of goods and services review.
ONS will publish its full response to the public consultation on OOH (together with the Consumer Prices Advisory Committee's annual report for 2012) on 13 November 2012.
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