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Cost of Living

Volume 470: debated on Thursday 24 January 2008

To ask the Chancellor of the Exchequer what assessment he has made of the difference between the retail prices index and the rate of inflation experienced by families with an average income. (181409)

No official estimates have been made of the rate of inflation experienced by families with an average income. However, under the Government’s monetary policy framework, inflation has remained close to target and the economy has now experienced 61 consecutive quarters of growth. UK inflation, currently at 2.1 per cent, remains close to target. This stability, alongside record levels of employment, has allowed average real incomes to increase for all income groups since 1997 and aggregate real household disposable income to rise by 25 per cent.