§ Sir Brian MawhinneyTo ask the Chancellor of the Exchequer on what basis he has estimated that the inflation rate will be 3.4 per cent. in September 2000. [119994]
§ Mr. Andrew SmithThe basis for the projection that inflation will be 3.4 per cent. in September 2000 is set out in appendix Al of the Financial Statement and Budget Report.
§ Sir Brian MawhinneyTo ask the Chancellor of the Exchequer for what reasons the inflation rate he has assumed for September 2000 differs from the target inflation rate he has set for the Monetary Policy Committee of the Bank of England. [119993]
§ Mr. Andrew SmithThe forecast of inflation in September 2000 referred to in the Budget is a forecast of the annual increase in the retail prices index (BPI), whereas the target inflation rate for the Monetary Policy Committee is the annual increase in retail prices excluding mortgage interest payments (RPIX).