diff --git a/Makefile b/Makefile
index eeb09ab..cd88a43 100644
--- a/Makefile
+++ b/Makefile
@@ -7,8 +7,7 @@ test:
 	pytest
 
 install:
-	pip install policyengine-uk==2.1.1
-	pip install -e ".[dev]"
+	pip install -e ".[dev]" --config-settings editable_mode=compat
 
 download:
 	python policyengine_uk_data/storage/download_private_prerequisites.py
diff --git a/changelog_entry.yaml b/changelog_entry.yaml
index e69de29..e01f5ab 100644
--- a/changelog_entry.yaml
+++ b/changelog_entry.yaml
@@ -0,0 +1,4 @@
+- bump: minor
+  changes:
+    added:
+    - Target uprating for constituencies.
diff --git a/policyengine_uk_data/datasets/frs/frs.py b/policyengine_uk_data/datasets/frs/frs.py
index 12d507a..c725736 100644
--- a/policyengine_uk_data/datasets/frs/frs.py
+++ b/policyengine_uk_data/datasets/frs/frs.py
@@ -861,4 +861,5 @@ def impute_brmas(dataset, frs):
 
 
 if __name__ == "__main__":
+    FRS_2020_21().generate()
     FRS_2022_23().generate()
diff --git a/policyengine_uk_data/datasets/frs/local_areas/constituencies/ageing.ipynb b/policyengine_uk_data/datasets/frs/local_areas/constituencies/ageing.ipynb
new file mode 100644
index 0000000..5493055
--- /dev/null
+++ b/policyengine_uk_data/datasets/frs/local_areas/constituencies/ageing.ipynb
@@ -0,0 +1,72 @@
+{
+ "cells": [
+  {
+   "cell_type": "code",
+   "execution_count": 1,
+   "metadata": {},
+   "outputs": [
+    {
+     "ename": "ModuleNotFoundError",
+     "evalue": "No module named 'policyengine_uk_data.datasets.frs.local_areas'",
+     "output_type": "error",
+     "traceback": [
+      "\u001b[0;31m---------------------------------------------------------------------------\u001b[0m",
+      "\u001b[0;31mModuleNotFoundError\u001b[0m                       Traceback (most recent call last)",
+      "\u001b[0;32m/var/folders/r_/j9kk4vmd3tj29ljn52_76m4h0000gn/T/ipykernel_94907/242637587.py\u001b[0m in \u001b[0;36m<module>\u001b[0;34m\u001b[0m\n\u001b[1;32m      5\u001b[0m \u001b[0;32mfrom\u001b[0m \u001b[0mtqdm\u001b[0m \u001b[0;32mimport\u001b[0m \u001b[0mtqdm\u001b[0m\u001b[0;34m\u001b[0m\u001b[0;34m\u001b[0m\u001b[0m\n\u001b[1;32m      6\u001b[0m \u001b[0;32mimport\u001b[0m \u001b[0mh5py\u001b[0m\u001b[0;34m\u001b[0m\u001b[0;34m\u001b[0m\u001b[0m\n\u001b[0;32m----> 7\u001b[0;31m from policyengine_uk_data.datasets.frs.local_areas.constituencies.transform_constituencies import (\n\u001b[0m\u001b[1;32m      8\u001b[0m     \u001b[0mtransform_2010_to_2024\u001b[0m\u001b[0;34m,\u001b[0m\u001b[0;34m\u001b[0m\u001b[0;34m\u001b[0m\u001b[0m\n\u001b[1;32m      9\u001b[0m )\n",
+      "\u001b[0;31mModuleNotFoundError\u001b[0m: No module named 'policyengine_uk_data.datasets.frs.local_areas'"
+     ]
+    }
+   ],
+   "source": [
+    "import torch\n",
+    "from policyengine_uk import Microsimulation\n",
+    "import pandas as pd\n",
+    "import numpy as np\n",
+    "from tqdm import tqdm\n",
+    "import h5py\n",
+    "from policyengine_uk_data.datasets.frs.local_areas.constituencies.transform_constituencies import (\n",
+    "    transform_2010_to_2024,\n",
+    ")\n",
+    "\n",
+    "# Fill in missing constituencies with average column values\n",
+    "import pandas as pd\n",
+    "import numpy as np\n",
+    "\n",
+    "from policyengine_uk_data.datasets.frs.local_areas.constituencies.loss import (\n",
+    "    create_constituency_target_matrix,\n",
+    "    create_national_target_matrix,\n",
+    ")\n",
+    "from pathlib import Path\n",
+    "from policyengine_uk_data.storage import STORAGE_FOLDER"
+   ]
+  },
+  {
+   "cell_type": "code",
+   "execution_count": null,
+   "metadata": {},
+   "outputs": [],
+   "source": []
+  }
+ ],
+ "metadata": {
+  "kernelspec": {
+   "display_name": "base",
+   "language": "python",
+   "name": "python3"
+  },
+  "language_info": {
+   "codemirror_mode": {
+    "name": "ipython",
+    "version": 3
+   },
+   "file_extension": ".py",
+   "mimetype": "text/x-python",
+   "name": "python",
+   "nbconvert_exporter": "python",
+   "pygments_lexer": "ipython3",
+   "version": "3.10.14"
+  }
+ },
+ "nbformat": 4,
+ "nbformat_minor": 2
+}
diff --git a/policyengine_uk_data/datasets/frs/local_areas/constituencies/loss.py b/policyengine_uk_data/datasets/frs/local_areas/constituencies/loss.py
index 0169498..40b8c09 100644
--- a/policyengine_uk_data/datasets/frs/local_areas/constituencies/loss.py
+++ b/policyengine_uk_data/datasets/frs/local_areas/constituencies/loss.py
@@ -16,7 +16,10 @@
 
 
 def create_constituency_target_matrix(
-    dataset: str = "enhanced_frs_2022_23", time_period: int = 2025, reform=None
+    dataset: str = "enhanced_frs_2022_23",
+    time_period: int = 2025,
+    reform=None,
+    uprate: bool = True,
 ):
     ages = pd.read_csv(FOLDER / "targets" / "age.csv")
     incomes = pd.read_csv(FOLDER / "targets" / "total_income.csv")
@@ -90,4 +93,67 @@ def create_constituency_target_matrix(
             & (employment_incomes.employment_income_upper_bound == upper_bound)
         ].employment_income_amount.values
 
+    if uprate:
+        y = uprate_targets(y, time_period)
+
     return matrix, y
+
+
+def uprate_targets(y: pd.DataFrame, target_year: int = 2025) -> pd.DataFrame:
+    # Uprate age targets from 2020, taxable income targets from 2021, employment income targets from 2023.
+    # Use PolicyEngine uprating factors.
+    sim = Microsimulation(dataset="frs_2020_21")
+    matrix_20, y_20 = create_constituency_target_matrix(
+        "frs_2020_21", 2020, uprate=False
+    )
+    matrix_21, y_21 = create_constituency_target_matrix(
+        "frs_2020_21", 2021, uprate=False
+    )
+    matrix_23, y_23 = create_constituency_target_matrix(
+        "frs_2020_21", 2023, uprate=False
+    )
+    matrix_final, y_final = create_constituency_target_matrix(
+        "frs_2020_21", target_year, uprate=False
+    )
+    weights_20 = sim.calculate("household_weight", 2020)
+    weights_21 = sim.calculate("household_weight", 2021)
+    weights_23 = sim.calculate("household_weight", 2023)
+    weights_final = sim.calculate("household_weight", target_year)
+
+    rel_change_20_final = (weights_final @ matrix_final) / (
+        weights_20 @ matrix_20
+    ) - 1
+    is_uprated_from_2020 = [
+        col.startswith("age/") for col in matrix_20.columns
+    ]
+    uprating_from_2020 = np.zeros_like(matrix_20.columns, dtype=float)
+    uprating_from_2020[is_uprated_from_2020] = rel_change_20_final[
+        is_uprated_from_2020
+    ]
+
+    rel_change_21_final = (weights_final @ matrix_final) / (
+        weights_21 @ matrix_21
+    ) - 1
+    is_uprated_from_2021 = [
+        col.startswith("hmrc/") for col in matrix_21.columns
+    ]
+    uprating_from_2021 = np.zeros_like(matrix_21.columns, dtype=float)
+    uprating_from_2021[is_uprated_from_2021] = rel_change_21_final[
+        is_uprated_from_2021
+    ]
+
+    rel_change_23_final = (weights_final @ matrix_final) / (
+        weights_23 @ matrix_23
+    ) - 1
+    is_uprated_from_2023 = [
+        col.startswith("hmrc/") for col in matrix_23.columns
+    ]
+    uprating_from_2023 = np.zeros_like(matrix_23.columns, dtype=float)
+    uprating_from_2023[is_uprated_from_2023] = rel_change_23_final[
+        is_uprated_from_2023
+    ]
+
+    uprating = uprating_from_2020 + uprating_from_2021 + uprating_from_2023
+    y = y * (1 + uprating)
+
+    return y
diff --git a/policyengine_uk_data/datasets/frs/local_areas/constituencies/targets/README.md b/policyengine_uk_data/datasets/frs/local_areas/constituencies/targets/README.md
index e5890e1..1e6f948 100644
--- a/policyengine_uk_data/datasets/frs/local_areas/constituencies/targets/README.md
+++ b/policyengine_uk_data/datasets/frs/local_areas/constituencies/targets/README.md
@@ -1,3 +1,6 @@
 # Data
 
-* Age is from [the ONS](https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.ons.gov.uk/file%3Furi%3D/peoplepopulationandcommunity/populationandmigration/populationestimates/datasets/parliamentaryconstituencymidyearpopulationestimates/mid2020sape23dt7/sape23dt7mid2020parliconsyoaestimatesunformatted.xlsx&ved=2ahUKEwifosm3x9GIAxXxQkEAHU_LB70QFnoECBgQAQ&usg=AOvVaw0-MdplttsD8klJR6M3WID8) and has single-year age counts for each political constituency (2010) in the UK.
+* Age is from [the ONS](https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.ons.gov.uk/file%3Furi%3D/peoplepopulationandcommunity/populationandmigration/populationestimates/datasets/parliamentaryconstituencymidyearpopulationestimates/mid2020sape23dt7/sape23dt7mid2020parliconsyoaestimatesunformatted.xlsx&ved=2ahUKEwifosm3x9GIAxXxQkEAHU_LB70QFnoECBgQAQ&usg=AOvVaw0-MdplttsD8klJR6M3WID8) and has single-year age counts for each political constituency (2010) in the UK. The data is from 2020.
+* Employment incomes are from Nomis, and are from 2023.
+* HMRC total income is from 2021.
+
diff --git a/policyengine_uk_data/storage/upload_private_prerequisites.py b/policyengine_uk_data/storage/upload_private_prerequisites.py
index bc5bcac..b821c93 100644
--- a/policyengine_uk_data/storage/upload_private_prerequisites.py
+++ b/policyengine_uk_data/storage/upload_private_prerequisites.py
@@ -13,6 +13,7 @@ def zip_folder(folder):
 FOLDER = Path(__file__).parent
 
 FILES = [
+    "frs_2020_21.zip",
     "frs_2022_23.zip",
     "lcfs_2021_22.zip",
     "was_2006_20.zip",