It is likely that you will have heard of the Retail Prices Index since it is frequently mentioned on the television and in newspapers. However do you appreciate how important it is to your every day life? It can affect tax allowances, wage negotiations, state benefits and even maintenance payments to a former spouse or your children.

The Retail Prices Index is a measure of change in the general level of prices that are charged for a collection of goods and services bought by the majority of households in the UK. Due to the diversity of the goods and services surveyed each month the Index acts as an important indicator of the economy of the UK.

The table to the left shows the percentage change in the Headline Retail Price Index. Each line shows the percentage change over the previous 12 months and the arrows indicate whether the change is different to the previous month's figure.