UK RPIX index: excluding mortgage interest
UK RPIX index: excluding mortgage interest stood at 414.6 in Aug 2026, according to Office for National Statistics (ONS). It is one of the indicators in the Consumer price inflation table (Value · Monthly), with a complete series running from Jan 1987 to Aug 2026. The complete series with an interactive chart, free to download.
This indicator in the Consumer price inflation table
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Retail Prices Index (RPI) | |||||||||||
| RPIX index, excluding mortgage interest | 414.6 | 412.2 | 409.7 | 408.6 | 407.6 | 404.5 | 401.4 | 399.7 | 401.9 | 399 | |
| RPIX annual rate | 3.3 | 3.1 | 2.9 | 3 | 3 | 4 | 3.5 | 3.7 | 4.1 | 3.7 |
Understanding UK RPIX index: excluding mortgage interest
Tracking retail price movements for goods and services across the United Kingdom while explicitly omitting mortgage interest payments isolates core inflationary pressures within the historic retail price framework. By stripping out the direct cost of home loans, this measure removes the primary distortion caused by central bank interest rate adjustments, providing a clearer view of underlying consumer price trends. The basket retains all other retail expenditure categories, including council tax, house depreciation, and everyday consumer commodities.
Reading this indicator involves understanding that it serves as an intermediate bridge between headline retail inflation and modern consumer price measures. While removing mortgage interest eliminates interest rate policy feedback loops, the index still employs the traditional arithmetic formula that distinguishes legacy retail price statistics from geometric consumer price indices. Twelve-month comparisons provide the standard analytical framework for assessing medium-term inflation momentum. Revisions to published figures follow strict protocols and are restricted to methodological corrections.
Frequently asked questions
- What specific component is removed from this index?
- Mortgage interest payments are excluded to isolate underlying retail price movements.
- Does this series still include council tax and house depreciation?
- Yes, housing-related levies and depreciation remain part of the broader retail basket.
- How does this differ from headline retail price inflation?
- It removes the direct impact of mortgage rate changes set by monetary authorities.