§ Mr. Carterasked the Chancellor of the Exchequer what is the latest figure for the United Kingdom's rate of inflation; and how this compares with each of the European Economic Community and European Free Trade Association members, the United States of America, and Australia, Canada and New Zealand, from information available to him from international sources.
§ Mr. HigginsThere are various measures of the rate of inflation but the most up-to-date and readily available is the Index of Retail Prices and its equivalent in other countries. The Index of Retail Prices rose by 8.5 per cent. in42W the year from February, 1970, to February, 1971. The latest period for which comparable figures for the United Kingdom and the other countries concerned are generally available is the year from November, 1969, to November, 1970. These figures are given in the table below.
Rate of change in Price Indices for Consumers November, 1969 to November, 1970 per cent. per annum United Kingdom 7.9 EUROPEAN ECONOMIC COMMUNITY Belgium 3.3 France 5.5 Germany 4.1 Italy 5.3 Luxembourg 5.2 Netherlands 5.7 EUROPEAN FREE TRADE ASSOCIATION Austria 4.8 Denmark 7.6(1) Finland 2.9 Norway 12.1 Portugal 3.8 Sweden 8.1 Switzerland 5.4 UNITED STATES OF AMERICA 5.6 AUSTRALIA 3.8(2) CANADA 3.8(2) NEW ZEALAND 5.8(2) Source: U.N. Monthly Bulletin February, 1971, Table 60.
(1) Rate of change October, 1969, to October, 1970.
(2) Rate of change 3rd quarter average, 1969 to 3rd quarter, 1970.