§ 13. Mr. John MarshallTo ask the Chancellor of the Exchequer what is the latest estimate of inflation rates in 1994.
§ Mr. Kenneth ClarkeI expect underlying inflation in 1994 to remain safely within its 1 to 4 per cent. target range.
§ 28. Mr. David AtkinsonTo ask the Chancellor of the Exchequer if he will make a statement on the target rate of inflation.
§ Mr. NelsonThe Government announced in October 1992 that they would aim to keep underlying inflation—as measured by the retail prices index excluding mortgage interest payments—in the range 1 to 4 per cent. and to bring it down to the lower half of this range by the end of the present Parliament. This objective was confirmed in the March and November 1993 Budgets. Underlying inflation has been within the target range in each month since October 1992. The most recent figure, for December 1993, showed underlying inflation of 2.7 per cent.