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Underlying rate of inflation
 

 

The rate of inflation as measured by a retail price index excluding mortgage interest payments (RPIX). This is contrasted with the ‘headline’ rate of inflation, in the UK measured by the retail price index (RPI), which includes mortgage interest payments. The RPI in most other countries excludes mortgage interest, so this distinction is peculiar to the UK.

Reference: Oxford Press Dictonary of Economics, 5th edt.