Oral question asked in the House of Commons, by James Brokenshire (Conservative). It was answered by John Healey (Labour) on Thursday, 14 June 2007 on behalf of the Treasury.

Inflation Rate

Question: What the average retail prices index inflation rate was in the first quarter of (a) 1997 and (b) 2007; and if he will make a statement.

Answer: RPIX inflation averaged 3.7 per cent. in the first quarter of 2007, largely as a result of high energy prices and high food prices. It was down to 3.3 per cent. last month and independent forecasts expect inflation to be back at its target level by the end of the year. I hope that the hon. Gentleman will recognise that since the Bank of England gained its independence in 1997, the UK has had the best inflation performance for almost a century.

Secondary information