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Economy in Brief

UK Inflation
by Robert Brusca October 13. 2008

UK headline inflation turned lower for the second month running. Over three months headline PPI inflation is lower at a 1.7% annual rate. It is still up by 8.6% Yr./Yr. The lagged core rate was up at a 2.9% rate over three-months in August. That compared to +6.3% Yr/Yr. So the short horizon movement in inflation is more agreeable. Yet the history of inflation is entrenched with a rate that is too high permit any complacency over the trajectory of current rates. Still the three month result is encouraging and so are the last few months of the headline rate.

UK PPI
  %m/m %-SAAR
  Sep-08 Aug-08 Jul-08 3-mo 6-mo 12-mo 12-moY-Ago
MFG -0.2% -0.5% 0.3% -1.7% 7.2% 8.6% 2.6%
Core #N/A -0.1% 0.4% #N/A #N/A #N/A 2.3%
Lagged Core       2.9% 7.2% 6.3% 2.2%
Core: ex food beverages, tobacco & Petroleum  
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