Written Question · S6W-07637 · Session 6
What source or calculation it uses for the rate of inflation in relation to its spending decisions; what this rate of inflation currently i…
The question
To ask the Scottish Government what source or calculation it uses for the rate of inflation in relation to its spending decisions; what this rate of inflation currently is, and what it estimates the rate of inflation will be over the current financial year.
The answer
The Scottish Government takes the rate of inflation into account when making its spending decisions, but does not index or base all its spending decisions on a single specific measure of inflation.
The most frequently used measure of inflation is the Consumer Prices Index (CPI), prepared by the Office of National Statistics. The most recent data shows that the Consumer Price Index (CPI) rose by 7.0% in the 12 months to March 2022, up from 6.2% in February 2022.
Scottish Government's official forecaster is the Scottish Fiscal Commission, who in their December 2021 publication stated that CPI inflation for 2022 Q3 will be 3.9%. They will publish an updated forecast in May of this year.
The most frequently used measure of inflation is the Consumer Prices Index (CPI), prepared by the Office of National Statistics. The most recent data shows that the Consumer Price Index (CPI) rose by 7.0% in the 12 months to March 2022, up from 6.2% in February 2022.
Scottish Government's official forecaster is the Scottish Fiscal Commission, who in their December 2021 publication stated that CPI inflation for 2022 Q3 will be 3.9%. They will publish an updated forecast in May of this year.
In the Official Report
No contribution in the Official Report cites S6W-07637 by reference.