§ 18. Mr. Knoxasked the Chancellor of the Exchequer what has been the rate of inflation in the most recent 12 month period for which figures are available; and what was the comparable figure for the 12-month period up to May 1980.
§ Mr. BrittanThe year-on-year increase in the retail prices index in the 12 months to December 1980 was 15.1 per cent. This represents a sharp fall from the equivalent figure of 21.9 per cent for the 12 months to May 1980.
§ 23. Mr. Parryasked the Chancellor of the Exchequer what is the likely change in the rate of inflation over the next 12 months; and if he will make a statement.
§ Mr. BrittanThe latest Industry Act forecast, published last November, predicts a fall in the year-on-year rate of inflation, as measured by the retail prices index—RPI—to 11 per cent. by the fourth quarter of 1981. Single-figure inflation in 1981 is well within the margin of error of this forecast.