The Chancellor’s should use RPI not HICP to measure inflation
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Prof. Philip Booth writes a letter to the Daily Telegraph
The Chancellor of the Exchequer’s decision to target inflation using the technically flawed harmonised index of consumer prices (HICP), familiarly known to economists as the Hiccup, instead of the present measure, the retail price index (RPI), is flawed, writes Professor Philip Booth in a letter to the Daily Telegraph.
He notes that “The true measure of inflation is the rate at which the purchasing power of money is declining.”
He notes that “The true measure of inflation is the rate at which the purchasing power of money is declining.”
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