asked the Chancellor of the Exchequer what he estimates the rate of inflation will be by 24 July.

In July this year the year on year increase in the retail prices index is expected to fall as the effects on the index of the switch from direct to indirect taxation announced in the June 1979 Budget start to drop out of the calculation. However, I do not intend to make a specific forecast of the RPI for July: forecasts of the year on year increase to 1980 Q4 and 1981 Q2 were published in the FSBR last month.