Retail Price Index

Part of Oral Answers to Questions — Employment – in the House of Commons at 12:00 am on 18th December 1947.

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Photo of Mr George Isaacs Mr George Isaacs , Southwark North 12:00 am, 18th December 1947

Yes, Sir. It is necessary to measure price movements and not absolute prices. At the same time, we have to take into consideration the value of the article as well as the price. Therefore, we can only measure the price tendencies, and not the price of specific articles.