§ Mr. Wyn Robertsasked the Secretary of State for Social Services what effect he estimates that the end of the EEC transitional period on 31st December is likely to have on United Kingdom prices.
§ Mr. Bishop:I have been asked to reply.
The effect of the final transitional step on United Kingdom retail food prices cannot be accurately predicted because it depends on a number of factors including the extent to which market prices are influenced by institutional prices and the costs of processing and distribution. Assuming, however, that the remaining transitional price increases are eventually fully reflected at retail level, they might lead to an increase of up to ¼ per cent. on the retail price index.