Inflation History and Measurement
This book is a non-technical introduction to the history of – and current measurement practice of – inflation for the United Kingdom, with comparative international case studies. The authors describe the historical development of inflation measures i
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Robert O’Neill, Jeff Ralph and Paul A. Smith
Inflation
Robert O’Neill · Jeff Ralph · Paul A. Smith
Inflation History and Measurement
Robert O’Neill The Business School University of Huddersfield Huddersfield, West Yorkshire, UK Jeff Ralph Office for National Statistics Cardiff Road, Newport, South Wales, UK
Paul A. Smith S3RI and Department of Social Statistics and Demography University of Southampton Southampton, Hampshire, UK
ISBN 978-3-319-64124-9 ISBN 978-3-319-64125-6 (eBook) DOI 10.1007/978-3-319-64125-6 Library of Congress Control Number: 2017948705 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Credit line: photo division/Getty Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
Consumer price inflation is one of a small number of leading economic indicators that have become essential in the management of economies over the course of the past hundred years. The monthly statistical bulletin from the Office for National Statistics, which gives the latest information on consumer price inflation for the UK, is arguably the most important of all Official Statistics.1 As well as their influence at the national level, the various measures of consumer price inflation affect the lives of citizens of the UK on a personal level through their use in adjusting many benefits, prices and tax thresholds in accordance with Government policy and contractual agreements. The total amount of money affected by the values of these inflation measures is enormous, which is why seemingly small changes in the rates of inflation have such significance and are reported widely in the media. The construction
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