The CPI is concerned with consumption, which is defined as the...

The CPI is concerned with consumption, which is defined as the destruction of a resource in the satisfaction of a need. Dwellings do provide a resource called accommodation which the CPI includes under the name of rent, which is only in the long term affected by the general increases in property prices.

Now, the thing about property prices is that they include the value of land, which has gone up extraordinarily and is not a consumable. Property prices have been inflated because of that.

Since some people do not pay rent because they are either themselves the owners of their dwellings or the beneficiaries of the largess of some owners, imputed rent is included in the form of the cost of new dwellings for occupation by home-owners, which seems appropriate in a country where home ownership is substantial. The land, of course, is an investment and as such should not, and I believe it is not, included.