Workplace Report (December 2003)

Pay and prices

Inflation forecasts

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

4th quarter 2004

Average 2.9 (2.4)

Oxford Economic Forecasting 3.3 (2.2)

NIESR 2.5 (2.4)

Source: HM Treasury Forecasts for the UK economy, December 2003


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