§ Mr. David Youngasked the Minister of Agriculture, Fisheries and Food what is the likely increase in price for each commodity covered by the common agricultural policy as a result of the proposed devaluation of the green pound; and what is the current cost per unit and the post-devaluation price in each case.
§ Mr. BishopThe most recent information on average retail food prices was published in theDepartment of Employment Gazette on 26th January and relates to mid-December 1977. Copies of this publication are kept in the Library of the House. My estimate of the effects on individual foods of a 7½ per cent. devaluation of the green pound were given in the reply to a Question from my hon. Friend the Member for Carlisle (Mr. Lewis) on 30th January, but the devaluation now agreed provides for a phased timetable and the effects on retail food prices will appear only gradually. I cannot estimate post-devaluation prices because these depend on prices immediately before devaluation and the market circumstances then prevailing.—[Vol. 943, c. 40.]