asked the Minister for Industry and Commerce if he will consider restoring the original 1914 base for the cost-of-living index figure and also for the agricultural price index, in view of the grave difficulty of getting a later period which would give an equitable base for both.
Ceisteanna—Questions. Oral Answers - Cost-of-Living Index Figure.
The year 1914 is too remote a base period for index numbers. The question of a suitable base period for the cost-of-living index is under consideration. The base period for the agricultural price index number, namely September, 1938—August, 1939, is considered the most suitable as occurring just before the war at a time when prices were fairly stable.
The approximate effect of transferring the base to 1914 can easily be computed from the published figures.
Would I be correct in saying that on the 1914 basis the cost of living in 1938 would be 173, whereas the agricultural price index at the same period would be 111.8? If that is so, does the Minister consider it would be more equitable to agriculture to take this as a base for the future?
As I have informed the Deputy, I have under consideration the question of finding an equitable basis and a true basis.
Arising out of the Minister's reply, would the Minister not consider it desirable to base the data for both the cost of living and the agricultural price index on the same year?
All that will be considered.