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© 2017

Inflation

History and Measurement

Book

Table of contents

  1. Front Matter
    Pages i-xxiv
  2. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 1-20
  3. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 21-43
  4. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 45-67
  5. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 69-90
  6. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 91-130
  7. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 131-158
  8. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 159-171
  9. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 173-194
  10. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 195-219
  11. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 221-241
  12. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 243-263
  13. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 265-286
  14. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 287-332
  15. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 333-354
  16. Robert O’Neill, Jeff Ralph, Paul A. Smith
    Pages 355-369
  17. Back Matter
    Pages 371-375

About this book

Introduction

This book is a non-technical introduction to the history of – and current measurement practice of – inflation for the United Kingdom, with comparative international case studies. The authors describe the historical development of inflation measures in a global context, and do so without using formal mathematical language and related jargon that relates only to a few specialist scholars. Although inflation is a widely used and quoted statistic, and despite the important role inflation plays in real people’s lives – through pension uprating, train tickets, interest rates and the work of economists – few people understand how it is created. O’Neill, Ralph and Smith mix historical data with a description of practices inside the UK statistical system and abroad, which will aid understanding of how this important economic statistic is produced, and the important and controversial choices that statisticians have made over time.

Keywords

Economic statistics Measurement practice Historical development of inflation Pension uprating Interest rates Economic history of inflation Price index Retail prices index Inflation Consumer goods The Office for National Statistics The general level of prices Consumer Prices Index European Harmonised Index of Consumer Prices Institute of Fiscal Studies “cost of goods” framework "cost of living” framework

Authors and affiliations

  1. 1.The Business SchoolUniversity of HuddersfieldHuddersfieldUnited Kingdom
  2. 2.Office for National StatisticsNewport, South WalesUnited Kingdom
  3. 3.S3RI and Department of Social Statistics and DemographyUniversity of SouthamptonSouthamptonUnited Kingdom

About the authors

Robert O’Neill is Lecturer at the University of Huddersfield, UK, where he has been since 2013. Previously he worked at the Office for National Statistics working primarily in the area of index numbers methodology. His current role includes both research and teaching related to quantitative economics, which includes teaching students at various levels.

Jeff Ralph has worked for the Office for National Statistics, UK, for 13 years. Much of that time has been spent working on price statistics and the measurement of inflation; this has included research and teaching. Jeff has been joint author on a number of research papers and lead author on a recent student textbook on index numbers.

Paul A. Smith is Associate Professor in Official Statistics, University of Southampton, UK. He worked for 25 years in the Office for National Statistics, UK, where he gained extensive experience in the theory and practice of sample surveys applied to businesses, households and the population census. He undertakes consultancy and research in topics related to official statistics, and coordinates the MSc in Official Statistics.

Bibliographic information

Industry Sectors
Finance, Business & Banking

Reviews

“This book is a very well-researched history of the development of measures of inflation in the UK over the past three hundred years. It is also a source of technical information for anybody wanting to delve into the detail of how consumer price indices are compiled.” (John Astin, Significance Magazine, Vol. 15 (05), October, 2018)