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MNI: UK MAY-JUL MEDIAN PAY AWARDS +4.5% :Brightmine

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Inflation data due at 7:00GMT (2/2)

UK DATA
  • Shop prices jumped by an annual rate of 0.8% in the final month of the year, accelerating from a 0.3% pace in November, according to the BRC. Used car prices are likely to added to the upward pressure on the index, rising by another record high of 30.5% in the year to December, jump from a 28.6% annual pace recorded in November, according to an index compiled by Autotrader.
  • However, a decrease in motor fuel prices could introduce a degree of downside risk to forecasts. Unleaded petrol fell by 0.5% to 146.1 pence a litre between November and December, after rising by 1.0% in the same period last year, according to AA. However, unleaded petrol prices rose by an annual rate of 27% last month. Motor fuel prices added 0.18 percentage points to the 1.1 percentage point jump in November CPI.
  • According to minutes of the December meeting, the Bank expects inflation to hover near an annual rate of 5% “through the majority of the winter period” before peaking at “around” 6% in April when the fuel cap sees energy price increases passed on to consumers.
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