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Pound Sterling (Purchasing Power)

Volume 446: debated on Tuesday 27 January 1948

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asked the Chancellor of the Exchequer what was the value of the pound sterling in purchasing power in this country on 31st December, 1947, as compared with 31st December, 1937.

Taken over the whole field of consumers' expenditure the purchasing power of the pound sterling at 16th December, 1947, is provisionally estimated to be about 60 per cent. of its purchasing power in the year 1938.

Would the right hon. and learned Gentleman term that condition as inflation?