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Inflation And Interest Rates

Volume 196: debated on Thursday 17 October 1991

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To ask the Chancellor of the Exchequer what were the average inflation and interest rate levels between 1974 and 1979 and since May 1979; and if he will make a statement.

Between March 1974 and April 1979 retail prices index inflation averaged 15·5 per cent. and base rates averaged 10·5 per cent. Since May 1979, the corresponding figures have been 7·6 per cent. for inflation and 12·2 per cent. for interest rates.