§ 7. Mr. Hodgsonasked the Secretary of State for Prices and Consumer Protection 639 what was the change in industry's input prices over the last 12 months.
§ Mr. MaclennanIn the past 12 months the wholesale price index for the inputs to manufacturing industry has fallen from 348.1 in May 1977 to 341.8 in May 1978. This is a fall of 1.8 per cent.
§ Mr. HodgsonDoes the Minister agree that this is an example of selective statistics—
§ Mr. Gwilym RobertsThe hon. Gentleman asked for them.
§ Mr. Hodgson—since in the past three months the index has actually risen by 5.3 per cent.? Is he aware that that will be a 20 per cent. increase on an annual basis? If there is a 20 per cent. increase, will the Minister confirm that the retail price index rate of increase will be no higher at the end of this year than it is now?
§ Mr. MaclennanThe hon. Gentleman must decide what figures he wants and, when he has decided, table the appropriate Question. I have given him precisely the figures for which he asked. They demonstrate that there has been a fall of 1.8 per cent. in the wholesale price index for last year. We should take considerable encouragement from that and, furthermore, recognise that it is evidence, if evidence were needed, that my right hon. Friend is wholly correct in stating that the rate of inflation in the remaining months of this year will be at or about the present figure.
§ Mr. Robert HughesIn view of the relationship between the value of sterling and input prices, is it not strange that Tory Members should pretend to protect sterling and yet, when it is necessary for the Government to take action to repair the damage the Tories caused by their vote on the Budget, they shout "crisis", thereby damaging sterling? Is this not hypocritical and unpatriotic?
§ Mr. MaclennanI absolutely agree with my hon. Friend. I think that the patriotism of the Tory Party is beginning to be called into question generally.