The June inflation figures revealed that CPI inflation rose to 2.9%, up from 2.7% in May. The largest upward contribution came from motor fuels and clothing, partly offset by a downward contribution from air transport. The minutes of the latest MPC meeting revealed that the committee voted unanimously in favour of leaving the level of QE and interest rates unchanged. This is in contrast to the 6-3 split seen over recent months.
The latest labour market figures published on Wednesday revealed that in the three months to May 2013, unemployment fell by 57,000, and employment rose by 16,000. Retail sales rose by 0.2% in June, more modest than the 2.1% increase in May.
The public finance figures were published today and showed that public sector net borrowing (excluding temporary effects of financial interventions and the effects of the transfers from the Bank of England Asset Purchase Facility Fund) was £12.4bn, £0.5bn higher than in June 2012. Public sector net debt currently stands at 74.9% of GDP.
The first estimate released by Eurostat for the eurozone trade in goods balance with the rest of the world for May 2013 shows a €15.2 billion surplus, compared with +€6.6bn last year. EU imports from most of its major partners fell in January-April 2013 compared with last year, except for Turkey (+5) and India (+3%). The most notable decreases were recorded for imports from Norway (-16%), Japan (-14%) and Brazil (-11%). EU exports to most of its major partners grew in January-April 2013 compared to last year, except for India (-5%) and China (0%). The largest increase was recorded for exports to Switzerland (+25%).
