Workplace Report (July 2002)

Pay and prices

Inflation forecasts

RPI forecasts (and underlying inflation - excluding mortgage interest payments)

4th quarter 2002 4th quarter 2003

Average 2.3 (2.3) 2.8 (2.4)

Oxford Economic Forecasting 2.2 (1.9) 3.2 (2.2)

NIESR 2.5 (2.0) 2.7 (2.5)

Source: HM Treasury Forecasts for the UK economy, July 2002


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