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Inflation

Volume 892: debated on Friday 16 May 1975

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asked the Chancellor of the Exchequer if he will estimate the weighted average rate of inflation in those countries, excluding the United Kingdom, on whose currencies the Smithsonian Agreement was based since that agreement was made, and show a comparable figure for the United Kingdom.

The rates of inflation of the countries concerned from December 1971 to March 1975 has been as follows:

per cent.
Belgium35·4
Canada31·2
France37·1
Germany23·6
Italy53·6
Japan55·0
Netherlands32·7
Sweden29·1
Switzerland30·2
United States28·2
The comparable figure for the United Kingdom is 49·3 per cent.It would be misleading to derive a single figure by weighting these domestic inflation rates with the trade weights used in determining the effective exchange rate.