Price-freeze ‘not working’
PA Wellington Even the Government knew that the price freeze was not working, said the Opposition spokesman on trade and industry, Mr W. W. Freer (Mount Albert). “The Minister of Social Welfare (Mr Walker) said in Parliament that the Government had assumed prices would rise by 6J per cent in the second half of 1976 for the purpose of costing the National pension plan,” Mr Freer said. “That would mean that inflation for the year would reach 16.2 per cent, even with the price-freeze in operation,” he said, “it also means that prices this quarter are officially estimated to rise by another 3.2 per ceht, exactly the same as the last quarter. “If the Government thinks we are going to get that sort of inflation in the middle of a price-freeze, then the ending of the freeze next year, with higher oil prices and higher energy prices, will see inflation return to its previous record levels.” Mr Freer said.
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Press, 18 October 1976, Page 24
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162Price-freeze ‘not working’ Press, 18 October 1976, Page 24
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