HC Deb 29 January 1981 vol 997 c499W
18. Mr. Knox

asked 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. Brittan

The 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. Parry

asked 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. Brittan

The 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.