asked the Minister for Finance the rate of inflation forecast by his Department for 1982 and 1983; and the actual rate of inflation for the same years.
Ceisteanna—Questions. Oral Answers. - Inflation Rate.
11.
I assume that the Deputy's question refers to the average increase in consumer prices for the year as a whole in each case. For 1982, my Department's forecasts were in line with the actual rise in the consumer price index of just over 17 per cent. For 1983, a rise in the consumer price index of somewhat in excess of 10 per cent was predicted for the year as a whole. The actual increase in the index recorded last year was 10.4 per cent.
Has the Minister the figures for 1984?
Those are the subject of Question No. 26 on the Order Paper.
Could the Minister indicate the annual average rate of inflation for the 12 months prior to the beginning of 1982 and for the 12 months prior to the beginning of 1983? He would have that information. He was asked for the rate of inflation for the years 1982 and 1983, not just the CPI. He was asked for the annualised rate of inflation at the beginning of 1982 for the previous 12 months and at the beginning of 1983 for the previous 12 months.
I am sorry, I have not got that information here. The question asks what was the rate of inflation forecast by my Department for 1982 and 1983 and the actual rates for the same years. I have given the rates for the years as a whole.
Is it not a fact that the rate of inflation at year end 1982 had dropped to about 12 per cent — the Minister would have that figure — from close to 22 per cent at the beginning of the year, in other words a 10 per cent drop in 1982? Would he confirm that that is the biggest single drop in inflation and compares very favourably with the drop in inflation in the following year, 1983, when he first come into office?
I have not got the figures here in the brief, but the annual rate of inflation for 1981 was 21 per cent for the year as a whole.
At the end of the year what was it?
In 1982 the rise for the year as a whole was 17 per cent. We are coming on a downward trend. For 1983 the downward trend continued and we had a rate of 10 per cent for the year as a whole.
The Minister's figure for the year as a whole is an average over the year, but there is also the annualised rate at the end of the year. I am suggesting to the Minister that that will show that at the end of 1982 it had dropped to something like 12 per cent. I am surprised that the Minister has not got that in his brief. That was the year before he came into the Government, and that was the biggest single drop and it compares very favourably with the drop in inflation in his first 12 months of office.
That is a separate question.
It is not.
I will be happy to go into the matter with the Deputy if he puts down a question.
The question asked, apart from the forecast, the rate of inflation for the same year. I do not see how it requires a separate question.
The matter is a separate question. The Deputy is asking what the annualised rate of inflation in the last quarter of each of those years was. If he wishes to get into that I will be very happy to answer an appropriate question.