Highest quarterly rise in prices charged by furniture retailers since records were kept
There are 2 measures of inflation published for furniture. The RPI is based on an average (arithmetic mean) of the goods that make up the index. The CPI (the government’s preferred measure) looks at the geometric mean and includes furnishings as well as furniture. Here, the ‘root’ of the number of products in the sample is calculated. The CPI also includes furnishings.
The RPI measure of furniture retail prices rose in September on an annual basis by 8.7%, down from 9.7% recorded in August. The annual rise over the third quarter (June to September) of this year compared to the same three months last year was 9%.
The CPI measure, however, looks at prices in a different way and it is intended to account for price fluctuations such as discounting. Last month we reported that at 7%, this was the largest increase in shop prices for 10 years. This September figure was a little less at 6.3%, the first decline in price since the end of 2016.
However, compared to the same quarter last year, third quarter prices were up by 6.3%. This is the highest quarterly rise recorded since the index started in 1997.