Retail Prices

Part of Oral Answers to Questions — Oral Answers to Questions – in the House of Commons at 12:00 am on 5th December 1977.

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Photo of Mr Roy Hattersley Mr Roy Hattersley , Birmingham Sparkbrook 12:00 am, 5th December 1977

The Government's forecast of the annual increase in retail prices was published on 26th October. It was of 13½ per cent. for the final quarter of 1977 and 6½ per cent. in the final quarter of 1978. I expect the rate of inflation to fall to single figures in the first half of 1978. But a continued reduction in the inflation rate is dependent upon the general level of wage settlements remaining within the Government's guidelines.