asked the Minister for Industry, Commerce and Energy if he has made any assessment as to the impact of recent price increases, approved by him, on the cost of living; and if he will indicate, on the basis of estimates available to him, if price increases presently being sought will appreciably add to the cost of living next year.

I assume that the Deputy is referring to the price increase recommendations contained in the August/September 1978 Report of the National Prices Commission which was published on 3 November 1978. The price increases approved by me will result in an increase of 0.0444 per cent in the Consumer Price Index.

The latest estimates available to me suggest that the year-on-year inflation rate to mid-November 1978 will be less than the 8.2 per cent recorded to mid-August 1978. The Government's policy has been to achieve a substantial reduction in the inflation rate in the period from 1977 to 1980. This will continue to be the Government's objective.

Can the Minister say whether the November figure mentioned takes into account the most recent increases?

Yes.

What are the calculations?

That it will be less than the 8.2 per cent recorded.

29.