The Retail Prices Index (RPI) has been miscalculated in 2019, the Office of National Statistics (ONS) has admitted. The error relates to the Living Costs and Food Survey (LFS) in 2017 and 2018.
If correct figures had been used the changes would be:
- inflation to March 2019 would be 2.5% rather than 2.4%
- June 2019 would be 2.8% rather than 2.9%.
No other months are affected.
The changes in indices (with original figures in brackets) are:
- March 2019: 285.1 (285.2)
- April 2019: 288.1 (288.2)
- May 2019: 289.1 (289.2)
- June 2019: 289.5 (289.6).
The figures will not be retrospectively changed.
The errors have been corrected from July 2019.
The main measure for inflation is the Consumer Price Index (CPI). However RPI is still used for billions of pounds of index-linked government bonds.
In 2010, the RPI was found to have overstated inflation by 0.3 percentage points.
The RPI is considered not to meet international statistical standards. [19.08]