Inflation: Key Economic Indicators

The Consumer Prices Index (CPI) is the main measure of inflation. It is produced in line with international standards and is the measure used for the Bank of England’s 2% inflation target. The Retail Prices Index (RPI) is no longer classified as a National Statistic as the way it is calculated does not meet international standards. It is included here as it is well-known and is the longest running measure of inflation.

The CPI inflation rate was 9.0% in April 2022, up from 7.0% in March. This is the highest rate on record, and the ONS estimates it is now higher than at any time since around 1982.

The RPI inflation rate was 11.1% in April 2022, up from 9.0% in March.

The increase in the CPI rate was mostly due to increases in the cost of housing, itself largely driven by gas prices. There were also increases in the costs of recreation and culture.