HC Deb 08 July 1977 vol 934 c675W
Mr. Knox

asked the Chancellor of the Exchequer what was the average annual rate of inflation in the periods 1945–51, 1952–64, 1965–70, 1971–74 and 1975–76.

Mr. Robert Sheldon

The average rate of inflation for the periods requested is shown below. However, because the first comprehensive retail price index did not become available until 1947, it has only been possible in the first case to calculate the average annual inflation rate on a comparable basis over the period 1947–51.

Time Period Annual Average Rate of Inflation Per cent.
1947–51 … … … 5.6
1952–64 … … … 3.4
1965–70 … … … 4.6
1971–74 … … … 10.4
1975–76 … … … 20.3

Mr. Knox

asked the Chancellor of the Exchequer what was the average annual rate of growth in the periods 1945–51, 1952–64, 1965–70, 1971–74 and 1975–76.

Mr. Joel Barnett

It is customary to measure economic growth by the rate of growth in gross domestic product, adjusted for price changes. The average annual rates of growth for the United Kingdom are as follows:

Per cent.
1948–51 … … … 2.6
1952–64 … … … 3.7
1965–70 … … … 2.1
1971–74 … … … 20
1975–76 … … … 1.4

Data are not available before 1948.