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House of Lords written question – answered on 25th February 2013.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government on how many occasions since May 2010 the annual rate of inflation has been at or below the target set for the Monetary Policy Committee by the Chancellor of the Exchequer.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The Chancellor set the remit of the Bank of England's Monetary Policy Committee (MPC) at Budget 2012, to target 2% inflation, as measured by the 12-month increase in the Consumer Prices Index.

The Office for National Statistics is responsible for producing and publishing inflation data, which can be found on its website1.

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