Editor's message: Following a review of inflation statistics in March 2013, the status of the retail prices index (RPI) was down-graded and it is no longer classed as a national statistic.
Most employers will refer to a measure of inflation when setting the budget for pay awards. Despite its status, many employers continue to refer to RPI, but now often in association with the consumer prices index (CPI) too. And although inflation remains a key factor for pay setters, few pay awards now contain an explicit link to inflation.
Sheila Attwood, managing editor, pay and HR practice
Definition from the XpertHR glossary.