The transition from RPI to CPIH indexation for regulated asset bases and revenues of utilities focuses interest on the wedge between RPI and CPIH. For much of 2017 to 2019 this wedge has been relatively at around 1%, but since the deflationary impact of the Covid-19 lockdown it has fallen to a low of only 0.2% in June this year (the latest data available). However, this low level is not an indication of things to come. …