@decodedlegal Whilst I don't like percentage or indexed pricing in contracts anyway, this sounds more like dumbing down things, like a customer will not understand 1% or inflation+1% somehow.
I suspect it will mean price increases set higher than inflation or whatever they are now as a result.
Or "Your price will increase by £0.01 for each £1.00 that your previous price is" which is pounds and pence, isn't it... 🙂 (or the phrase used in news for things like tax, "1p in the £").