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Inflation impacts everybody. What is inflation, how is it measured and why is it important? In this episode we find out answers to these questions. Governments use monetary and fiscal policy to influence inflation. They use the word control which sounds more precisie than it is. Consumers suffer when inflation occurs as do producers with regard to input costs.

Glossary of Terms:

RPI is the retail price index

CPI is the Consumer Price Index

Demand Pull is when inflation is driven by demand which cannot be satisfied by supply.

Cost Push is when increasing input costs drive up output prices that have to be passed on to customers.

The date that the CPI was introduced in the UK is 1st January 1997 and that is the base year for the index. Indices are rebased from time to time.
If you want tof find out which indices are used in your country you will need to go to the Government Website. What is included in the basket and thew eights attached are imprtant deteriminants of the measure.