§ We have got inflation under control. Inflation has picked up over the past year as the impact of last year's worldwide increase in commodity prices has fed through the price chain. Those cost pressures are now steadily easing. Underlying inflation may be close to its peak and should resume its downward path during the course of next year. It remains on course to meet the Government's target of 2 ½ per cent. or below by the end of the present Parliament. The House might care to remember that last August was the 20th anniversary of inflation in this country reaching a staggering 26.9 per cent.