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Pay and prices
Inflation forecasts
RPI forecasts (and underlying inflation - excluding mortgage interest payments)
4th quarter 2002 4th quarter 2003Average 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