HL Deb 24 July 1991 vol 531 cc57-8WA
Earl Russell

asked Her Majesy's Government:

Whether further to Lord Brabazon of Tara's Written Answer of 12th July (col. WA102,) in which years since 1914 inflation has been zero or negative over a full year, whether they accept the Phelps Brown-Hopkins figures for the years between 1900 and 1914, and if not, why not.

Lord Brabazon of Tara

The years in which on average the 12-month rate of inflation was zero or negative were 1921 to 1923 (inclusive), 1926 to 1933 (inclusive) and 1943. The figures for 1900 to 1914 to which the noble Lord refers are from a series of consumables prices which extends back to 1264*. They are not based on official information and are not directly comparable with the price indices which have been compiled since 1914 but, as an exercise in economic history, the Government have no reason to call them in question.

*E. H. Phelps-Brown & Sheila V. Hopkins: Seven Centuries of the Prices of Consumables, Economica (November 1956).