Consumer Price Index Consumer Price Index(CPI)1. In the UK, the usual name for the Harmonized Index of Consumer Prices (HICP), a measure of price level introduced in 1997 to enable comparisons within the EU. In the UK government inflation targets are now based on the CPI rather than the Retail Price Index. http://www.ons.gov.uk/ons/rel/cpi/consumer-price-indices/december-2014/index.html • HICP data from the Office for National Statistics |