Skip to main content (Press Enter).
Skip auxiliary navigation (Press Enter).
Code of Conduct
Skip main navigation (Press Enter).
on this day
between these dates
Statistics User Forum
Post a Message
Share a File
Join a Community
RPI/CPI User Group
last person joined: one month ago
To foster cooperation and the exchange of information between ONS statisticians concerned with the RPI and CPI, the Consumer Prices Advisory Committee (CPAC) and those using the data. Please see 'Aims of the RPI/CPI User Group' in the library for further details.
Back to Library
Twenty Years of Inflation Targeting by the Bank of England
This paper does not provide a comprehensive analysis of the development of the IT regime in the UK, something which has been well covered in previous studies. It concentrates primarily on the issue of the appropriate target inflation indicator for an IT central bank. Here the British approach was decidedly innovative. The Bank of England was the first IT central bank not to use the official consumer price series as its target indicator, recognizing that a good inflation measure has somewhat different properties from a good cost-of-living index. More specifically it used the RPIX series (RPI excluding mortgage interest) as its target, rather than the Retail Price Index itself. The principle that an inflation measure should exclude interest rates was later adopted by Eurostat as one of the guiding principles for creating the Harmonised Indexes of Consumer Prices (HICPs), one of which would serve as the inflation indicator for the European Central Bank. Later, the BoE itself would target the UK HICP as its own inflation indicator.
Related Entries and Links
No Related Resource entered.
Tags and Keywords
price level targeting
target inflation indicator
Consumer Prices Advisory Committee
Currently there are no tags available.
twenty years of inflation targeting by the Bank of Englan...pptx
Please accept the terms of the copyright associated with this attachment before downloading it. Click the link below to read the terms.
Copyright © 2015 Royal Statistical Society. All rights reserved.
Powered by Higher Logic