£ Sterling (Purchasing Power)

HC Deb 14 April 1972 vol 834 cc252-4W

Mr. Geoffrey Finsberg

asked the Chancellor of the Exchequer what the purchasing power of the £ sterling was on 1st January, 1972, compared with 1st January, 1964.

Mr. Higgins

Taking the internal purchasing power of the £ sterling as 100p in January, 1964, its value in January. 1972, is estimated at 67½p.

This estimate is based on changes in the Consumer Price Index for calendar years adjusted by movements in the General Index of Retail Prices for the months at the beginning and end of the period. Prices are recorded in the middle of the month.