Definition of retail prices

The prices of goods sold to retail customers. These are normally measured for economic data purposes by using a retail price index (RPI), which shows the change over time in the price of a fixed basket of goods and services that would be bought by a typical consumer. This is a main measure of inflation in the UK and some other economies. Similar to consumer prices and the consumer price index (CPI), which is the indicator used in the US and many other economies. Also see producer prices; wholesale prices.