Consumer Prices Index
The Consumer Prices Index is a measure of inflation in the UK, calculated as the change from month to month in the prices of a standard basket of consumer goods and services.
The UK's official measure of inflation index is the Consumer Prices Index including owner occupier's housing costs (CPIH). The CPIH is comprised of the CPI plus a measure of the costs associated with owner occupiers' housing (OOH).
The UK CPI replaced the Retail Prices Index (RPI).
The UK CPI was previously known as the Harmonised Index of Consumer Prices (HICP).
The Consumer Price Index is one of the leading inflation indices used in the US.
Its uses include the limited indexation of certain US pensions.
More generally, a consumer prices index is a statistical estimate constructed using the prices of a defined sample of representative consumer items, such as goods and services, whose prices are collected periodically.
The index is compared to a base period to give an estimate of periodic inflation rates.