§ Mr. Knoxasked the Chancellor of the Exchequer what were the average inflation rates of the six original members of the European Community between 1958 and 1972 and of the United Kingdom over the same period; and how these figures compare with the average annual inflation rates in these countries since 1973.
§ Mr. Bruce-GardyneThe table following contains two measures of rates of inflation. The GDP deflator is an implied index derived from the current and constant price estimates of the gross domestic product at market prices. the consumer prices index which relates just to household expenditure is equivalent to the UK general index of retail prices.
Rates of inflation Average annual percentage increases Based on GDP Deflator Based on Consumer prices index 1958–72 1973–80 1958–72 1973–81 Belgium 3.3 7.4 3.0 8.1 France 4.7 10.7 4.4 11.3 West Germany 3.7 4.7 2.8 4.9 Italy 4.3 17.6 3.7 16.9 Luxembourg *3.6 7.0 2.6 7.3 Netherlands 5.3 7.2 4.2 7.1 United Kingdom 4.4 16.4 4.1 15.4 Notes: * Average 1960–1972. Sources: Derived from OECD National Accounts, 1951–1980, Volume 1, and International Financial Statistics.