Written question asked by Harry Greenway (Conservative), in the House of Commons. It was due for an answer on Thursday, 31 October 1996. It was answered by Angela Knight (Conservative) on Thursday, 31 October 1996 on behalf of the Treasury.

Treasury

Question: What was the average rate of inflation (a) between March 1974 and May 1979 and (b) since May 1979.

Answer: Mr. Harry Greenway: To ask the Chancellor of the Exchequer what was the average rate of inflation (a) between March 1974 and May 1979 and (b) since May 1979; and if he will make a statement. [995] Mrs. Angela Knight: The average rate of year on year inflation measured by the retail prices index all items excluding mortgage interest payments was 16 per cent. between March 1974 and May 1979. The average rate since May 1979 has been 6.3 per cent. Since the Government's inflation target rate was set in October 1992, the average rate has been 2.8 per cent.

Secondary information