§ 24. Mr. Madden
asked the Chancellor of the Exchequer what is the latest estimate of inflation, calculated on an annual basis.
§ 32. Mr. Jim Spicer
asked the Chancellor of the Exchequer what is his latest estimate of the rate of inflation for the end of 1983.
§ Mr. Lawson
As I made clear on 29 June, the 12-monthly increase in the retail prices index is likely to rise temporarily to 5 to 6 per cent. by the end of 1983. This is because a number of special factors caused the R PI to remain almost unchanged for much of the second half of 1982. It does not imply a resurgence of price inflation: the underlying trend of inflation has been firmly downwards since 1980, and we intend to keep it that way.