What is CPI? Inflation statistics and how we can understand them

FAI economist Hannah Randolph is joined by Luke Michaelides and Phil Gooding from the Office for National Statistics (ONS) Consumer Prices team to talk about inflation statistics. We cover what measures of inflation are produced by ONS, how they differ, and recent developments in methodology and the data underlying the statistics. We end by discussing how inflation rates impact households and businesses.  ParticipantsDr Hannah Randolph, Economics Fellow, Fraser of Allander Institute, University of StrathclydeLuke Michaelides, Branch Head, Consumer Prices Development and Subgroup Production, ONSPhil Gooding, Statistician, Consumer Prices Inflation, ONS Time stamps(1:00) What are the different measures of inflation produced by ONS? How do they differ?(2:25) What are the Household Costs Indices and what do they say about how inflation affects different groups? (5:25) What types of data are used to produce these inflation measures? (7:20) How have the methods of collecting data for and calculating inflation changed?(10:20) What do changes in the inflation rate mean for households and businesses? What should people keep in mind when they hear about inflation on the news?