Retail Price Index (Hansard, 2 July 1979)

§ Mr. Dubs
asked the Chancellor of the Exchequer if he will compare, on an

RETAIL PRICES INDEX (1964 = 100)

All-items Beer Spirits, wines etc.^* Tobacco^* Petrol and oil^*

1964 … 100.0 100.0 100.0 100.0 100.0

1965 … 104.8 108.7 108.0 111.5 108.2

1966 … 108.9 112.9 112.4 114.2 110.8

1967 … 111.6 116.7 115.0 114.2 113.2

1968 … 116.8 117.6 117.8 118.6 119.9

1969 … 123.2 126.6 125.4 128.1 132.0

1970 … 131.0 136.7 126.8 128.8 134.7

1971 … 143.4 147.5 130.1 130.9 143.7

1972 … 153.6 155.4 132.2 131.9 147.1

1973 … 167.7 160.3 136.7 133.5 154.0

1974 … 194.5 179.7 148.6 155.8 220.2

1975 … 241.6 222.5 182.1 198.5 299.6

1976 … 281.6 265.7 211.0 230.2 318.7

1977 … 326.2 314.3 233.6 281.8 341.6

1978 … 353.3 341.1 243.6 304.0 324.9

1979(May) 387.0 366.4 257.0 311.7 372.5

^* Separate indices for wines, cigarettes and petrol are not published. However, cigarettes and petrol form the great bulk of the respective tobacco and petrol and oil indices.

§ Mr. Chapman
asked the Chancellor of the Exchequer what is his estimate of the increase in the retail price index of an internationally implemented increase in the price of crude oil to $17, $18, $19 and $20 a barrel, respectively.

§ Mr. Biffen
This information is not readily available. However, I estimate that the crude oil price range announced by OPEC last week effectively adds about 15 per cent. to the dollar price of oil used by United Kingdom consumers. If this was to be fully reflected in prices, it might add about ¾ per cent. to the RPI. But it would be unwise to assume that all other relevant factors will remain constant: in particular, recent events suggest that increases in dollar oil prices tend to put upward pressure on the exchange rate which may help to offset the direct effect on the RPI.

RETAIL PRICES INDEX (1964 = 100)
		All-items	Beer	Spirits, wines etc.^*	Tobacco^*	Petrol and oil^*
1964	…	100.0	100.0	100.0	100.0	100.0
1965	…	104.8	108.7	108.0	111.5	108.2
1966	…	108.9	112.9	112.4	114.2	110.8
1967	…	111.6	116.7	115.0	114.2	113.2
1968	…	116.8	117.6	117.8	118.6	119.9
1969	…	123.2	126.6	125.4	128.1	132.0
1970	…	131.0	136.7	126.8	128.8	134.7
1971	…	143.4	147.5	130.1	130.9	143.7
1972	…	153.6	155.4	132.2	131.9	147.1
1973	…	167.7	160.3	136.7	133.5	154.0
1974	…	194.5	179.7	148.6	155.8	220.2
1975	…	241.6	222.5	182.1	198.5	299.6
1976	…	281.6	265.7	211.0	230.2	318.7
1977	…	326.2	314.3	233.6	281.8	341.6
1978	…	353.3	341.1	243.6	304.0	324.9
1979(May)	387.0	366.4	257.0	311.7	372.5
^* Separate indices for wines, cigarettes and petrol are not published. However, cigarettes and petrol form the great bulk of the respective tobacco and petrol and oil indices.