We heard that average uk wages were rising at their fastest pace in 20 years. Katharine neiss is chief european economist at pgim fixed income. Thanks very much for being with us today, katharine neiss. So clearly welcomed news that inflation has fallen to this point. Still quite far off the Bank Of Englands target, though. Is everything going to plan or as we had expected . 50. To plan or as we had expected . So, toda s to plan or as we had expected . So, todays data to plan or as we had expected . Srr, todays data are to plan or as we had expected . S57, todays data are not to plan or as we had expected . S513, todays data are not a to plan or as we had expected . Sr3, todays data are not a surprise. It is encouraging, as you say, that Headline Inflation is coming down. No doubt uk consumers will be relieved to see that Energy Prices and food Price Inflation is beginning to cool. But, that said, core inflation, that is a measure of inflation that gives us perhaps a better read on dom
10 15pm on the 13th Of August on sunday, those two men were standing outside the nightclub, in south london, they were approached police say by a man who attacked them with a knife before running away. Both men are in their 20s or 30s, they were taken to hospital for treatment and have since been discharged, there has been no officers, officers are following up leads, they are crucial in the Ongoing Investigation what they described as a homophobic attack of the two men. We will of course have more on that story as we get it but now lets go to tie and write for the business news. Lets start with china. Weve had some worrying data this week fuelling fears about the health today, Property Prices fell for the first time this year due to flagging demand house prices fell by 0. 1 injuly, compared with the same month last year. Going into reverse again for the First Time Since china began to emerge from its covid lockdown. 0n wednesday, on wednesday, Retail Sales Growth slowed to 2. 5 , a si
so that means that, while encouraging in this data, we are not quite there yet in terms of seeing inflation really dropping off in a sustainable way. find inflation really dropping off in a sustainable way. inflation really dropping off in a sustainable way. and uk inflation still well ahead sustainable way. and uk inflation still well ahead of sustainable way. and uk inflation still well ahead of its still well ahead of its international peers such as the united states, for example. why is that? ~ , united states, for example. why is that? , a, , , that? well, the uk is really being hit from both that? well, the uk is really being hit from both sides. that? well, the uk is really being hit from both sides. on that? well, the uk is really being hit from both sides. on the - that? well, the uk is really being hit from both sides. on the one l hit from both sides. on the one hand, the uk has had a very tight labour market, similar to what the us is experiencing. but of cour
of its international peers such as the united states, for example. why is that? well, the uk is really being hit from both sides. 0n the one hand, the uk has had a very tight labour market similar to what the us is experiencing. but of course we re also exposed to the energy price shock on the back of russia s invasion of ukraine in europe. so we re sort of being affected by both of these double whammy impacts on inflation here in the uk. and as a consequence, the inflationary pressure here is magnified compared to the us and the euro area. sure. so the widespread expectation is that the bank of england is going to raise the interest rates yet again at its next decision point in september. you haven t seen anything in today s date or in indeed the days of the last few days, such as that wage growth data we re talking aboutjust a moment ago to dissuade us from that expectation. no, i m afraid not. this latest batch of data, whilst encouraging it does show that domestic inflationary pres