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tlwcs

  • Posts: 2088
Retail price index
« on: July 25, 2013, 02:40:52 pm »
I have a customer that has been paying me £18. for 6 years
My round is now full and I have emailed him informing him the next visit will be £22.00 He has offered £20.00.
I will accept that but just wondered how I would find out with the cost of living over the last 6 years what the £18 should be
Anyone know how i would work this out.
Tony
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formb

Re: Retail price index
« Reply #1 on: July 25, 2013, 02:43:53 pm »
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AuRavelling79

  • Posts: 25385
Re: Retail price index
« Reply #2 on: July 25, 2013, 03:02:41 pm »
Quote from: Soupy on July 25, 2013, 02:43:53 pm
http://www.rateinflation.com/inflation-rate/uk-historical-inflation-rate

Using that table and going to Jan 2013 as the current rate you should propose based on RPI compounded.

2007 2.3%  £18 + 2.3% = £18.41
2008 3.6%  £18.41 + 3.6% = £ 19.07
2009 2.2%  £19.07 + 2.2% = £ 19.49
2010 3.3%  £19.49 + 3.3% = £ 20.13
2011 4.5%  £20.13 + 4.5% = £ 21.03
2012 2.8%  £21.03 + 2.8% =  £21.62
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It's a game of three halves!

tlwcs

  • Posts: 2088
Re: Retail price index
« Reply #3 on: July 25, 2013, 03:06:58 pm »
And £22. came out of my head lol.
Thanks both. I have accepted his £20. with a review Jan 2014. I will lose him at some point.
Aint being full great.
Tony
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