§ Mr. Lathamasked the Chancellor of the Exchequer what progress he is making in achieving the Government's ultimate objective of price stability; and if he will make a statement.
§ Mr. Peter Rees[pursuant to his reply, 25 June 1984,c. 333]: This Government have already made substantial progress towards stable prices. Retail price inflation has been running at a shade over 5 per cent. in the first five months of this year, and is set to fall to around 4½ per cent. later this year. We remain committed to the firm monetary and fiscal policies which have already brought inflation down. Our ultimate objective remains stable prices.