U.K. Statistics Office Says April RPI Data Used Wrong Fuel Price
U.K. Statistics Office Says April RPI Data Used Wrong Fuel Price
(Bloomberg) -- Britain’s statisticians used incorrect fuel prices to calculate the retail price index in April, producing a reading that was lower than it should have been.
The outcome would have shown annual price increases of 3.1% if it had been properly calculated, instead of the reported 3%, according to a statement from the Office for National Statistics on Friday. Its policy on such errors is not to correct the data in its series.
RPI is a gauge of consumer prices that is no longer favored by officials as an accurate measure. The consumer price index is the basis for inflation as targeted by the Bank of England.
To contact the reporter on this story: Craig Stirling in Frankfurt at cstirling1@bloomberg.net
To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, Paul Gordon
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