Inflation (April 2013 Update)
by Geoff Riley
Keeping actual and expected inflation under control is one of the key objectives of macroeconomic policy. The rate of inflation in the UK is calculated using the Consumer Price Index. For many years data on the Retail Price Index (RPI) has also been published but from March 2013, the RPI is no longer regarded as an official national economic statistic. Please be aware of this when writing your exam. This revision blog provides updated figures on the latest CPI data for a variety of countries - it reminds us that inflation rates vary quite a lot. Think about what persistent differences in inflation rates can have on macroeconomic stability and performance.
UK inflation, measured by the Consumer Prices Index (CPI), remained positive throughout the recession. Other major economies, including the US, France and Germany, saw deflation (negative inflation, or falling prices).
Latest inflation rates (February 2013):
- UK 2.8%
- Euro Zone 1.8%
- Germany 1.8%
- Greece 0.1%
- Spain 2.9%
- USA 1.7%
- Japan: -0.6%
- Brazil 6.3%
- China 3.2%
- India 12.1%
- Russia 7.3%
Latest Bank of England Inflation Forecast
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