Inflation Gauge for Housing Costs Loses 'Official Statistic' Status

A measure of inflation launched to better reflect housing costs will no longer be treated as an official national statistic while it is being improved, the statistics authority has said. The CPIH index was introduced in March 2013 and had been touted as a future price stability benchmark for the Bank of England. The bank currently uses the consumer price index (CPI). The new measure was designed to address the fact that CPI does not include most housing costs faced by people who own their homes, including mortgage payments and maintenance. Last year the UK Statistics Authority upgraded CPIH from an experimental statistic - defined as being in the testing phase and not yet fully developed - to an official national statistic. But it has now said statisticians had found ways to improve CPIH and that the measure will revert to experimental status, suggesting its use as a benchmark for the BoE could be a long way off. Read more on Yahoo News.