Week in Review - 18th February, 2011

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↑ CPICPI annual inflation moved up again, by 0.3 percentage points, to 4.0% in January. RPI inflation was 5.1%, up from 4.8% in November. The most significant upward contributions to the change in both the CPI and RPI between December and January were from: fuels and lubricants, as a result of the continued rise in crude oil prices; and restaurants and cafes as well as alcoholic beverages, where increases in VAT pushed up prices.
↓ Labour Market StatisticsThe ILO measure of unemployment rose by 44,000 over the quarter to 2.49 million: the three-month unemployment rate remains at 7.9%. After three small monthly falls the claimant count measure of unemployment – which records the number of people claiming Job Seekers' Allowance – crept up by 2,400 to 1.46 million. The claimant count rate remains at 4.5%. There are 157,100 fewer claimants than at this point last year.
↔ EEF Pay SettlementsThe three-month average pay settlement was 2.2% in January, at the same level as December. 31.3% of pay settlements were between 0.0% and 2.0% in the three months to January and the proportion of pay deals between 2.0% and 3.0% was 37.0%. The monthly average settlement was 2.3% in January compared with 2.2% in December.
↑ Retail SalesYear on year, retail sales were up 5.3% in January. Between December and January the total sales volume rose by 1.9%.
The week ahead
Wed 23rd: MPC minutes
Fri 25th: GDP (2010q4, second estimate); Index of services; Business Investment (2010q4)

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