BusinessCompany NewsBudget 2003: Changes to inflation measures

Budget 2003: Changes to inflation measures

The government is to change the measure for inflation in the UK from RPIX to the internationally recognised measure of consumer prices, HICP, but will stick to its symmetric inflation target of 2.5%, the chancellor said.

Link: Budget special

The new measure is used in Europe and across most of the world, he told the Commons.

Gordon Brown said that the government would stick to a 2.5% target over the coming years and while it has averaged 2.3% over the last year, he forecast it would rise to 2.75% over the remaining quarters of this year.

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