§ Mr. Lawsonasked the Chancellor of the Exchequer what is the current rate of inflation, as defined by the use in the retail price index in the three months to January 1979, as expressed as an annual rate.
§ Mr. Joel BarnettThe increase in the retail price index over the last three months for all items, expressed as an annual rate, is 12.7 per cent.: for all items excluding seasonal foods, on the same basis, the figure is 10 per cent. Neither measure is generally regarded as a reliable indicator of the current trend, because both place a heavy weight upon particular monthly increases which may have been caused by exceptional factors. For this reason, the generally accepted indicator of the current trend is the figure for the last six months, excluding seasonal foods, expressed on an annual basis. In January 1979, this figure stood at 8.8 per cent.