RPI (J) introduced by Cabinet Office
There's been a change in the way the Manx government measures the rate of inflation.
A third method called RPI (J) has been added to help bridge the gap between the consumer prices index (CPI) and the retail prices index (RPI).
The cost of a 'basket' of goods and services is measured by each index, giving a different 'weight' to each item, based on their relative importance.
The CPI and RPI use different baskets with different item weights, and critics say the former can understate inflation while the latter overstates it.
The RPI (J) model introduced in September, calculates an inflation figure in a similar way to the RPI, but it removes what is known as the formula effect.
According to the Economic Affairs Division, it better reflects consumer behaviour - that when prices rise many choose an alternative product rather than buy a higher-priced item.
Executive Director of Policy and Strategy at the Cabinet Office Carl Hawker explains why government felt the need for change.
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