Retail Price Index

Part of Oral Answers to Questions — Prices and Consumer Protection – in the House of Commons at 12:00 am on 11th October 1976.

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Photo of Mr Robert Maclennan Mr Robert Maclennan Parliamentary Under-Secretary (Department of Prices and Consumer Protection) 12:00 am, 11th October 1976

It is simply that the rate of inflation last July was running at well over twice the OECD average. We have reduced this rate to about half as much again as the average inflation rate. That is a great improvement for one year but it must be sustained.