§ 3. Mr. Dixonasked the Chancellor of the Exchequer what have been the percentage increases in the Retail Price Index compared with six months earlier, for April, 1970, May, 1970, and June, 1970, and for December, 1971, January, 1972, and February, 1972.
§ Mr. BarberThe percentage increases in the General Index of Retail Prices, compared with six months earlier were for April, May and June, 1970, 4.4 per cent., 4.5 per cent. and 4.1 per cent. respectively. The corresponding figures for December, 1971, and for January and February, 1972, were 2.5 per cent., 2.4 per cent., and 2.9 per cent. respectively.
§ Mr. DixonDoes my right hon. Friend agree that although the present rate of inflation is still much too high it is significantly lower than the rate of inflation which the Government inherited from the previous Labour Government?
§ Mr. BarberMy hon. Friend is quite right. Certainly we have a long way to go, but I think the whole House, in fairness, will agree that we have made considerable progress.
§ Mr. FernyhoughWill the right hon. Gentleman state the increase in price levels between April, 1970, and February, 1972?
§ Mr. BarberIf the right hon. Gentleman would like to put down a Question referring to specific months I should be happy to answer it. I am sure that he will be the first to agree that over the past six or nine months the Government have made considerable progress and have had considerable success in bringing down the increase in prices.
§ Mr. Joel BarnettWill the Chancellor confirm that the figures seem to indicate that prices have now levelled out and are rising again?
§ Mr. BarberI do not think that necessarily follows, but I have no intention of forecasting the future. If the hon. Gentleman is speaking of the figure for 206 the February increase to which I referred, that was affected by the fact that the comparison is between this February and August of last year, and the August figure included the effects of the purchase tax cuts which I made in July and the C.B.I. initiative.