June 15, 2020 / 8:41 AM / a month ago

UK statistics office says April RPI inflation data wrong

FILE PHOTO: A man wears a mask and gloves at a market in Brixton as the spread of the coronavirus disease (COVID-19) continues, London, Britain, March 31, 2020. REUTERS/Henry Nicholls

LONDON (Reuters) - Britain’s statistics office said on Monday that April’s Retail Prices Index measure of inflation used inaccurate mortgage interest rate data, overstating the real rate.

The correct level of annual RPI inflation in April was 1.4%, not the 1.5% first reported on May 20, the Office for National Statistics said.

RPI is used to calculate interest payments on some British government bonds, as well as many commercial contracts, although the ONS says it gives a less accurate picture of inflation than its preferred consumer prices measures, CPIH and CPI.

Unlike other British statistics, RPI is not formally corrected or revised. The ONS said the error would not be made in future months’ data, and did not affect April’s CPI or CPIH inflation.

Reporting by David Milliken; Editing by William Schomberg

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