The Retail Price Index (RPI) is a measure of inflation, which in turn is the rate at which prices for goods and services are rising.
Other measures of inflation include the Consumer Price Index (CPI), producer price inflation and house price inflation, but RPI is the longest-standing UK measure of inflation, having been available continuously from June 1947.
In the UK, the Office for National Statistics (ONS) measures RPI by looking at a weighted basket of around 700 consumer goods and services, and comparing price changes month-on-month and year-on-year. However, RPI includes items that are removed from the CPI basket, including estate agent fees, mortgage interest payments, buildings insurance costs and the cost of the TV license.
You can find out more about RPI and how it is calculated on the ONS website.
