It's critical and heady stuff. These measures are used for various pensions and benefits calculations for example, and changes are being made. Which variant gets used and for which purpose has an effect on the public, personal and corporate purse. Small changes, big impacts.
There's the Consumer Prices Index (CPI), the Retail Prices Index (RPI), subsidiary indices of the RPI such as the including RPIX (excluding mortgage interest payments), RPIY (RPIX excluding indirect tax changes) and of the CPI, the CPIY (the CPI excluding indirect tax changes). All clear now.
I'd like to add another measure into the mix. The Christmas Chocolate Coin Pound Pence Index, or the CCCPPI. This is the face value of the chocolate coins in those little string bags available around Christmas time. This shows a substantive inflation this year. This year's bag contains the usual coins - 8 to be precise - but wait for it.....now there are also four notes with a total face value of 130!
That's serious inflation, last year we're measuring in coins, and this year in notes. Well above the latest 3.3% figure from the Bank of England (that's the CPI of course).
Not forgetting the the subsidiary measures to the CCCPPI. These are the Homogenous Ontological, the Hetroscedastic Orthogonal and Hypothetical Ordinal. So that's the CCCPPI HO-HO-HO.