Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has plans to reform the calculation of the Retail Price Index.

As set out at Budget 2018, the government recognises the flaws in the way that the Retail Prices Index (RPI) is measured and has made progress in moving away from using it. However, given the extensive use of the RPI across the public and private sectors further moves away from the measure are complex and potentially costly.

The government’s objective is that the Consumer Prices Index including owner occupiers’ housing costs (CPIH) will become its headline measure over time, and that it will reduce the use of the RPI when and where practicable.