§ 122. Mr. Masonasked the Chancellor of the Exchequer the percentage trend of world prices and United Kingdom import prices during the years 1945 to 1954, giving each year separately.
Mr. MandlingThe most appropriate index of changes in the prices of United Kingdom imports is the following index of average values:
This index, obtained by comparing the actual value of trade in each year with its estimated value at prices of a base year, gives only a rough measure of price changes from year to year, since it is affected by changes in the composition of trade. Index numbers originally published with 1938, 1947 and 1950 as years of reference are here shown in a linked series with 1950=100. I regret that no appropriate index of "world prices" exists which can reasonably be compared with the average values of United Kingdom import prices.
1945 … 59 1946 … 63 1947 … 77 1948 … 86 1949 … 87 1950 … 100 1951 … 133 1952 … 129 1953 … 114 1954, January-September … 113