Labour Research (September 2003)

Pay and prices

Inflation edges up

Inflation rose unexpectedly in July to 3.1% from 2.9% in June.

The underlying inflation rate, which excludes mortgage interest payments, also rose to 2.9% from 2.8%.

The Harmonised Index of Consumer Prices (HICP), the measure set to be used in determining interest rates, rose to 1.3% from 1.1%.


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