§ Mr. Arthur Lewisasked the Secretary of State for Prices and Consumer Protection whether he will give, for a date in October 1974, the price of bread, butter, sugar, tea, milk, gas, water, electricity and fares, the dates when these prices were increased, and the amounts of the increases until the latest convenient date; what action his Department has taken to control and reduce these price increases; and with what results.
§ Mr. MaclennanThe increases from October 1974 to March 1978, the latest month for which information is available, and the respective increases over the latest 12 months, are set out in the table below. I refer my hon. Friend to theDepartment of Employment Gazette for average prices and monthly price movements for bread, butter, sugar, tea and milk; comparable information is not available for the remaining items. Individual increases are of course a matter for the Price Commission.
At various times during this period bread, butter, tea and milk were subsidised and these were subject to maximum prices and margin control; butter continues to attract a subsidy, financed 51W largely by the EEC, whilst the prices for butter, milk and bread are still controlled. The success of the Government's anti-inflation policies can be judged by the fact that the annual inflation rate for the United Kingdom is falling and, at 9.1 per cent., is considerably lower than the 17.1 per cent. in October 1974.
Increases in Retail Prices (Percentage) October 1974 to March 1978 March 1977 to March 1978 Bread 75.8 15.7 Butter 133.1 -2.1 Sugar 68.8 5.9 Tea 185.7 42.2 Milk 177.3 19.1 Gas 68.7 9.7 Rates and Water Charges 79.5 12.4 Electricity 98.2 13.2 Fares 107.7 14.2 Source: Department of Employment.