Week in Review - 21st October, 2011 | EEF

Week in Review - 21st October, 2011

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↑ Consumer pricesCPI inflation was up again in September, to 5.2%, and has now been above target for 22 months. September's high level of inflation was, as expected, driven up by recent increases in household electricity and gas prices which rose by 7.5% and 13.0% respectively. Upward pressure also came from clothing and footwear. The only downward pressure on the monthly change came from falling air transport costs as the summer peak season ended.
↑ MPC minutesThe minutes from the Monetary Policy Committee's September meeting showed the nine members of the committee voted unanimously to maintain the bank rate at 0.5% and extend stock of asset purchases by £75bn to a total of £275bn.
↓ EEF Pay Settlements Pay settlements have been broadly stable since the beginning of the year. The three-month average pay settlement was 2.5% in September, a little down from a revised figure of 2.6% in August, and a little below the long-term average.
↑ Retail salesIn the year to September 2011, the volume of retail sales increased by 0.6%, particularly driven by increases in non-store (predominantly internet) sales.
↓Trends in lendingThe stock of lending to UK businesses contracted by £2.5bn in the three months to August.
↑ Public sector financesExcluding the temporary effects of financial interventions, public sector net borrowing was £14.1bn in September 2011, £1.3bn lower than in September 2010. Public sector net debt rose from £833bn to £966.8bn over the same period, and is now equivalent to nearly 63% of GDP.
The week ahead
No UK data releases


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