§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what is the current rate of inflation; and what was the forecast of inflation for July 1996 made by the Governor of the Bank of England(a) one and (b) two years ago. [40217]
§ Mrs. Angela KnightThe current rate of inflation of the retail prices index excluding mortgage interest payments—RPI ex MIPs—was 2.8 per cent. for the year to August 1996. The Bank of England publishes quarterly, not monthly, forecasts of RPI ex MIPs, but does not publish RPI all items forecasts. The Bank of England's forecast of RPI ex MIPs inflation for Q3 1996, made in August 1995, was 3.7 per cent. The Bank of England did not make forecasts two years ahead in August 1994.