Prices and Inflation

Many Central Banks now gear their monetary policy towards achieving a target value for inflation. We describe two key measures of an economy’s prices – the Consumer Price index (CPI) and the GDP deflator. In the commentary we present evidence on the behaviour of inflation in the UK and other countries over the last 50 years. We also explain the concept of core inflation.

Consumer Price Indices

Consumer Price indices measure the overall or average price of a collection of consumer goods and services. The percentage rate of change of such an index is a measure of the inflation rate. This page shows how such a measure has behaved over the last 50 years for a number of countries.
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GDP Deflator

Less commonly used than the Consumer Price Index, the GDP deflator is a measure the average price of all the goods and services that an economy produces. This page explains its derivation and presents evidence on is recent behaviour for a number of countries.
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Commentary – Inflation

The commentary outlines the inflationary experiences of the UK and examines the relationship between the standard measure of inflation and 'core' inflation.
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Data

Sources
1. UK Annual (1949-) and Quarterly (1964q1-) RPI Inflation: Retail price Index, All Items, Jan 1987=100; Percentage change over 12 months: Source: ONS, series Code CZBH.

2. UK Quarterly (1988q1-) and Monthly (2000Jan-) Consumer Price Index, Not seasonally adjusted, All items, 2015=100. Source: ONS, Series Code D7BT.

3. UK Quarterly (1971q1-) Core Inflation: Consumer price inflation: All items other than food and energy. Source: OECD.

4. Selected countries’ Quarterly (1960q1-) CPI- All items, not seasonally adjusted: Source: OECD, Prices and Purchasing Power Parities, Prices and Price Indices, Consumer Prices (MEI).

5. Selected countries’ Monthly (1996-Jan -) Harmonised CPI, not seasonally adjusted: Source OECD, Prices and Purchasing Power Parities, Prices and Price Indices, HICP).

6. Selected countries’ seasonally-adjusted Quarterly (1960q1-) GDP Deflator. Source OECD, series code DOBSA.

Data series
Annual and Quarterly UK data on RPI
Variables: UK Annual and Quarterly RPI Inflation: Retail price Index, All Items, Percentage change over 12 months.

Quarterly and Monthly UK data on CPI and core inflation.
Variables: UK Quarterly and Monthly Consumer Price Index, Not seasonally adjusted, All items, 2005=100; UK Quarterly Core Inflation.

Quarterly or Monthly data for selected countries on CPI, Harmonised CPI and GDP Deflators.
Variables: Selected countries’ Quarterly or Monthly CPI- All items not seasonally adjusted, Monthly Harmonised CPI, not seasonally adjusted, and seasonally-adjusted Quarterly GDP Deflator.

Download data
All the Prices and Inflation are available in Excel xlsx format:
PricesandInflation_Data.xlsx