§ Mr. Lawsonasked the Chancellor of the Exchequer what is the current rate of inflation, as defined by the rise in the retail price index over the three months to February 1979, expressed as an annual rate.
§ Mr. Joel BarnettThe increase in the retail price index over the last three months for all items, expressed as an annual rate is 13.3 per cent. However, the generally accepted indicator of the current trend is the figure for the last six months, excluding seasonal foods, expressed on an annual basis. In February 1979, this figure stood at 8.9 per cent.
§ Sir John Langford-Holtasked the Chancellor of the Exchequer what is the 445W current rate of inflation calculated on the same basis as that he used to calculate the figure of 8.4 per cent. announced by him in October 1974.
§ Mr. Joel BarnettThe figure of 8.4 per cent. that my right hon. Friend announced in October 1974 referred to the increase in the all-items retail price index in the three months to August 1974, expressed at an annual rate. The latest equivalent figure, for February 1979, is 13.3 per cent.