Retail Prices Index (RPI)
The main domestic measure of inflation in the UK, published by the Office for National Statistics. It measures the average change from month to month in the prices of goods and services purchased by most households in the UK. The government uses the RPI for uprating of pensions, benefits and index-linked gilts. It is commonly used in private contracts for uprating of maintenance payments and housing rents. It is also used for wage bargaining.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.