November 16, 2017 / 7:52 PM / a year ago

Hammond will not switch index for BOE's inflation target- Bloomberg

Nov 16 (Reuters) - British finance minister Philip Hammond does not plan to announce a change in the index that that the Bank of England uses to calculate its inflation target when he reveals the budget next week, Bloomberg reported.

There has been speculation that the government might switch the central bank target from Consumer Price Inflation, or CPI, to an index that adjusts for housing costs, known as CPIH, after the Office for National Statistics (ONS) changed its preferred price measure to CPIH this year. But no such move by the Treasury is imminent, Bloomberg reported, citing two officials familiar with the matter.

The ONS had put its stamp of approval on CPIH, the gauge of inflation preferred by official statisticians, following improvements to address quality concerns earlier this year.

The Treasury said it does not comment on budget speculation. (Reporting by Parikshit Mishra in Bengaluru)

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