Editorial Board

The World’s Dullest Multibillion-Dollar Scandal

Bad statistics are costing British taxpayers $1.3 billion a year.

February 18, 2019 at 5:30 AM UTC

By The Editorial Board

The Editorial Board publishes the views of the editors across a range of national and global affairs.

It’s complicated.
Photographer: Luke MacGregor/Bloomberg

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Rarely has a multibillion-dollar scandal been quite so boring.

For years, the U.K. has measured inflation using rival indicators, notably the Retail Prices Index and the Consumer Prices Index. Each has its place. CPI is used by the Bank of England to guide monetary policy, for instance, while RPI is used as the reference rate for inflation-protected government bonds.