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RPI for goods and services in the UK 1987-2020

The Retail Price Index (RPI) of the United Kingdom in October 2020 was 219.9 for goods, and 403.6 for services, indicating a 119 percent increase in the price of goods and a 303.6 percent increase for services compared with the RPI’s baseline year of 1987.

 Inflation and hyperinflation

  The increase in prices seen within the British economy over this time period is an example of inflation, with the opposite of this being deflation, where prices are falling over time. While some degree of inflation is considered normal in an economy, an overly high inflation rate can be a sign of a struggling economy, where the money supply starts to outstrip economic growth. The most extreme examples of this are cases of hyperinflation, which was experienced by Weimar Germany in the 1920s and in more recent years in Venezuela.

 Comparisons with Europe

  While the RPI is a widely used method of calculating inflation in the UK, it is used far less than the Consumer Price Index (CPI). According to this index, prices in the United Kingdom increased by approximately 0.3 percent in November 2020 when compared with 2019, which was slightly above the average for the European Union’s average of 1.4 percent, but much lower than in Romania’s CPI inflation rate of 3.9 percent.

Retail Price Index (RPI) for goods and services in the United Kingdom from January 1987 to November 2020

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Source

Release date

December 2020

Region

United Kingdom

Survey time period

January 1987 to November 2020

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Statistics on "Inflation in the UK"

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