The rate of increase in prices for goods and services. Measures of inflation and prices include consumer price inflation, producer price inflation, the house price index, index of private housing rental prices, and construction output price indices.
The Consumer Prices Index (CPI) rose by 1.8% in the year to January 2017, compared with a 1.6% rise in the year to December 2016.
The rate in January 2017 was the highest since June 2014.
The main contributors to the increase in the rate were rising prices for motor fuels and to a lesser extent food prices, which were unchanged between December 2016 and January 2017, having fallen a year ago.
The Services Producer Price Indices (SPPI), formerly the Corporate Services Price Index (CSPI), are constructed from a statutory quarterly survey. The SPPIs are primarily a suite of individual price indices that provide information on price change for a limited range of service industries. Each SPPI captures quarterly changes in the price received for services provided by UK businesses to other UK businesses and government. These individual price indices are also aggregated together to create a "service industry" SPPI with limited coverage (it does not provide full coverage of the "service sector").
The purpose of this article is to give the estimated impact of implementing measures announced in the March 2016 budget, previous budgets and pre-budget reports on the Consumer Prices Index (CPI), CPIH - a measure which includes owner occupiers’ housing costs, and the Retail Prices Index (RPI).