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Economy in Brief

UK PPI Prices Soar in March
by Robert Brusca April 14, 2008

UK producer prices spurted in March with the headline rate rising to a 17 year high at 6.2% Yr/Yr. Core as headline prices continued to move up and do so in the wake of a BOE rate cut. National Statistics said that the BOE did not have this number in hand when it decided to cut rates. Clearly the central banks around the world are pursuing very different strategies and face different circumstances as they craft their rate setting tactics. The ECB still has still-firm growth and is leaning against inflation trends with headline rate over 3% that exceeds its 2% ceiling. The Bank of England having seen a bank nationalized, sees economic growth risk and has cut rates even as it was warned on inflation although it sees inflation coming down. In the US the Fed has cut rates as growth has slowed sharply but the Core CPI rate, it quasi-target, has come back down to within the Fed’s comfort zone. The Fed has no formal target or ceiling for inflation but does pay more attention to the core CPI and PCE (ex food and energy) rates.

UK PPI
  %m/m %-SAAR
  Mar-08 Feb-08 Jan-08 3-mo 6-mo 12-mo 12-moY-Ago
MFG 0.7% 0.4% 1.0% 8.9% 9.6% 6.2% 2.7%
Core 0.3% 0.2% 0.9% 5.5% 4.2% 3.0% 2.7%
Core: ex food beverages, tobacco & Petroleum
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