§ 27. Mr. Swinglerasked the Minister of Labour if he will publish a list of the goods taken into account in the retail prices index; and if he will state the percentage weight of food items in the index.
§ The Minister of Labour and National Service (Sir Walter Monckton)A detailed list of the many items covered is given in the published description of the index entitled "Interim Index of Retail Prices—Method of Construction and Calculation." The weight assigned to food at the price levels ruling in November, 1953, represented approximately 42 per cent. of the total for all items.
§ Mr. SwinglerIs the Minister aware of the widespread loss of faith in this index as a matter of calculation because it did not register the rise in the cost of living last year? Will he speed up the production of a new index which will show the real extent to which the wage packet has been devalued?
§ Sir W. MoncktonIn the past this index has been criticised because it has attributed too much to food; now apparently it attributes too little. I wonder whether, following the middle course, it is not very nearly accurate.
§ Mr. GowerIf a new index is produced will my right hon. and learned Friend keep this index for the purpose of comparison?