HC Deb 31 January 1996 vol 270 cc753-4W
Sir Timothy Sainsbury

To ask the Chancellor of the Exchequer (1) if he will instruct the retail prices index advisory committee to assess whether the retail prices index takes sufficient account of(a) quality change new versions of products, (b) totally new products and (c) a formula bias arising from overweighting of items entering the index at temporarily low prices; [12692]

(2) if he will instruct the retail prices index advisory committee to assess whether (a) the retail prices index takes proper account of the number of discount stores and (b) there is an outlet bias; [12693]

(3) if he will instruct the retail prices index advisory committee to assess whether the index takes sufficient account of the incidence of special offers. [12698]

Mr. Kenneth Clarke

I have no plans at present to convene the retail prices index advisory committee. However, a recent report by Nicholas Oulton of the National Institute of Economic and Social Research, commissioned by the Treasury, looked at many of these issues in detail. This report, "Treasury Working Paper 68: Reliability and Accuracy in UK Price Indices", which was published in March 1995, is available in the House of Commons Library.