An index is a statistical compilation that puts a current economic or financial condition into context, often by relating it to a base period or another time frame. It is used to measure economic trends over time and can influence adjustments in sectors like wages, rentals, loans, and pensions.
The Office for National Statistics (ONS) is the UK's independent statistical unit responsible for collecting and publishing economic and population statistics. Formed by merging the Central Statistical Office and the Office of Population Censuses and Surveys in 1996, it plays a crucial role in informing government policies and decisions.
