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Start Time: 15 August 2012 14:00
End Time: 15 August 2012 17:00

ONS Consultation on the recommended method of reflecting owner occupiers' housing costs in a new additional measure of consumer price inflation
at the Royal Statistical Society, 12 Errol Street, London EC1Y 8LX

The ONS issued a consultation paper on 11 June 2012 with responses requested by 31 August 2012. An annex to the paper also sets out the ONS strategy for consumer prices. The document can be downloaded from http://www.ons.gov.uk/ons/about-ons/user-engagement/consultations-and-surveys/open-consultations/owner-occupiers-housing-costs/index.html
The ONS and the Consumer Price Advisory Committee (CPAC) are recommending an approach known as rental equivalent, which involves using imputed rents based on actual rents, but adjusted for the characteristics of the owner occupied housing stock.
This contrasts with the approach being planned by the European Union for the HICP, which is known as the “net acquisition” approach and which includes actual house prices.
Neither method includes mortgage interest payments, which are however included in the Retail Price index.
The meeting will be chaired by Jill Leyland (RSS vice president).

  • Derek Bird, Head of price statistics at the ONS, Introduction and background
  • Martin Weale, External Member, Monetary Policy Committee,  why rental equivalence is the preferred approach
  • Philip Turnbull, independent consultant, why “net acquisitions” would be better
  • Tony Cox – Chair of RPI/CPI user group on their response to the consultation.
  • Open forum – the speakers will respond to questions from the floor.
Attendance is free and open to all, whether fellows of the RSS or not. Pre-registration is however required. You can register by email  or by phone (020) 7638 8998. 

Tea/coffee will be served from 1.30 PM.

For further information about the meeting contact Sarju Mistry or Philip Turnbull.

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