|Inflation: No change to RPI calculation|
10 January 2013
There will be no change to the way the retail prices index is calculated, the Office for National Statistics (ONS) has decided.
After a three month consultation, the ONS has decided not to bring the RPI more into line with the slower rising consumer prices index (CPI).
Instead, a new additional index of inflation will be created.
However, the RPI will continue to be used for the uprating of private sector pensions and index-linked bonds.
The National Statistician, Jil Matheson, said: "There is significant value to users in maintaining the continuity of the existing RPI's long time series without major change, so that it may continue to be used for long-term indexation and for index-linked gilts and bonds."
The decision means that from March 2013 the ONS will publish a new version of the RPI alongside the existing one.
The main difference will be that the new index will use the same formula as the CPI for calculating average prices.
That will mean the new RPI measure will usually rise more slowly than the long established version.
Ros Altmann, the director general of the financial services company Saga, hailed the ONS decision as "brilliant".
"Consultation responses overwhelmingly favoured no change so would be hard to ignore," she tweeted.
"There's no right or wrong exact measure of inflation, each one has flaws."
The Treasury confirmed it would continue using the RPI measure for calculating the return on both old and new index-linked bonds.
"For gilt investors, future cash flows on existing index-linked gilts will continue to be calculated by reference to RPI," said the Economic Secretary, Sajid Javid.
"The government will continue to issue new index-linked gilts linked to the RPI."
|See Also in Political News|
|Re-polling for 4 seats in Bannu, Khuzdar, S. Waziristan underway|
21 May 2013
BANNU/KHUZDAR: Polling at 13 polling stations for four seats of national and provincial assemblies in Bannu, Khuzdar and South Waziristan underway to continue until 5.00 P. M. on Tuesday, Geo News reported.
On May 11 general elections, voting on three polling stations of Bannu PK-71 and on four polling stations of Bannu PK-72 was deferred due to some irregularities and re-polling is being held today on the directive of Election Commission of Pakistan (ECP).
PK-71 total number of polling ... Full Story
|51 dead as massive tornado roars through US suburb|
21 May 2013
MOORE: A tornado of rare power roared through an Oklahoma City suburb, killing at least 51, flattening neighborhoods with winds up to 200 mph (320 kilometers) and destroying at least one school. Officials said children were among the dead.
The death toll was expected to rise, an Oklahoma Medical Examiner's Office spokeswoman said. Rescuers swarmed the debris as darkness fell. More than 140 people were being treated at hospitals, including about 70 children. Some were in critical condition.
... Full Story
|Power supply to Lahore drops below half of its demand|
21 May 2013
LAHORE: Power supply to Lahore has dropped below half of its requirement and many of the areas have plunged into darkness for several hours.
According to Water and Power Ministry, it has started receiving furnace oil after which the situation would get better today.
LESCO official said that it is getting only 1700MW power supply against the demand of 4200 MW.
The official said that Ali Raza Abad, Valencia, Harbanspura, Batapur, Sabzazar, Awan Town, Thokar Niaz Baig, Chah Miran and ... Full Story