What is Retail Prices Index?
The Retail Prices Index (RPI) measures inflation in the UK. This measure is calculated by the Office of National Statistics (ONS) and the annual change in the RPI is published by the ONS on a monthly basis, showing the rate of inflation over the past 12 months. All future Retail Prices Index publication dates.
Why do I need Retail Prices Index and when to use it?
There is a presumption* that the pitch fee will only be changed by the annual change in the RPI over the last 12 months and this is calculated by using the last figure that was published, 28 days before the pitch fee review date in the home owner’s agreement. Please note this same figure is to be used even where the review is carried out late.
How is the Pitch Fee reviewed?
This is commenced by the service of a Pitch Fee Review Form on the home owner.
For example, if the review date is 1st April 2014, the latest RPI figure prior to 4th March 2014 will be used.
Where do I find the RPI?
The official RPI figure can be found on the Office of National Statistics website.
Please select the Consumer Prices Index link under the heading ‘key figures’ (found on the right hand side of the page).
From the following page, please select the link to the ‘reference tables’ followed by the excel spread sheet to the Consumer Price Inflation
Reference Tables from the download option.
Table 2 will provide current RPI data.
Table 36 will provide RPI Index data.
Table 37 and 38 will provide RPI percentage date
*Please note that the presumed amendment will apply unless this would be unreasonable taking into account any increase/decrease in amenities or the cost of implementing any relevant change in the law.