HC Deb 24 March 1977 vol 928 cc630-2W
15. Mr. Michael Latham

asked the Chancellor of the Exchequer what further proposals he has for reducing the rate of inflation; and whether he will make a statement.

16. Mr. Marten

asked the Chancellor of the Exchequer what is the latest figure for annual inflation.

33. Mr. Skinner

asked the Chancellor of the Exchequer if he is satisfied with the current rate of inflation; and if he will make a statement.

Mr. Healey

The rate of inflation in the 12 months to February was 16.2 per cent. The rate of inflation should start falling quite quickly during the summer when we have fully absorbed the impact of last year's depreciation. In the longer term, the continued fall in the rate of inflation will depend on a satisfactory agreement on a third round of pay policy. I believe my Budget next week will substantially improve the chances of reaching an agreement.

17. Mr. Ridsdale

asked the Chancellor of the Exchequer what was the rate of inflation in the United Kingdom in December 1973; if he will also publish the figures for Japan in December 1973 after the oil crisis; and how these rates compare with the present rates of inflation in these two countries.

Mr. Healey

Over the 12 months to December 1973, the United Kingdom's rate of inflation was 10.6 per cent., while Japan's was 19.1 per cent. The most recent comparison available is for the 12 months to January 1977, when the United Kingdom's rate of inflation was 16.6 per cent. and Japan's 9.2 per cent.

23. Mr. Rost

asked the Chancellor of the Exchequer when the rate of inflation was last at 8.4 per cent.

Mr. Healey

The last time the year-onyear increase in the Retail Price Index was under 8.5 per cent. was over the 12 months to March 1973, when the figure was 8.2 per cent. The three monthly increase was 7.5 per cent. at an annual rate in July 1976.

29. Mr. Viggers

asked the Chancellor of the Exchequer what is the current rate of inflation, based on the last three months for which figures are available.

Mr. Healey

Over the three months to February the Retail Price Index rose by 5 per cent.

47. Mr. David Price

asked the Chancellor of the Exchequer when he expects to be able to honour his commitment to reduce the annual rate of inflation below 10 per cent.

Mr. Healey

I refer the hon. Member to the Written reply I gave to the hon. Member for Edinburgh, Pentlands (Mr. Rifkind) on 24th February.—[Vol. 926, c. 688.]

Mr. Viggers

asked the Chancellor of the Exchequer what was the rate of inflation on 6th March 1974, or the nearest convenient date thereto, and on 6th March 1977, or the nearest convenient date thereto.

Mr. Joel Barnett

The data used to compile the Retail Price Index are collected in mid-month. The latest available figures are for February 1977. The index rose by 13.5 per cent. over the 12 months to mid-March 1974 and by 16.2 per cent. over the 12 months to mid-February 1977.

Mr. Viggers

asked the Chancellor of the Exchequer what is the percentage rate of inflation which has occurred since 6th March 1974 or the nearest convenient date thereto.

Mr. Joel Barnett

The data used to compile the Retail Price Index are collected in mid-month. Between mid-March 1974 and mid-February 1977 the Index rose by 69.7 per cent.

Mr. Lawson

asked the Chancellor of the Exchequer what is the current rate of inflation, as defined by the percentage rise in the retail price index over the three months to February, expressed as an annual rate.

Mr. Joel Barnett

Over the three months to February the Retail Price Index rose by 5 per cent. or 21.6 per cent. at an annual rate. The period between the collection of the data used to compile the Index in November and in February was 13 weeks.