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
The economy too much. To dicsuss this further im nowjoined by the Bank Of England 5 former head of international surveillance, katharine neiss. She is now the chief european economist for pgim fixed income. Good to have no surprise that Interest Rates are still rising. Do you think that this is it . ~ ,. ,. , is it . The banker very clear today that if inflation is it . The banker very clear today that if Inflation Remains is it . The banker very clear today that if Inflation Remains resilientl that if Inflation Remains resilient at higher levels, then they could see Interest Rates are going higher from here. That said, to me, the really big message coming out of the Bank Of England today was, even in the absence of further rises in Interest Rates, they really see these higher Interest Rates that we have seen more recently as he had to say for quite some time. Yes. Have seen more recently as he had to say for quite some time. Say for quite some time. Yes, and this is taming say for qui
Thats the highest since the launch of the euro more than 20 years ago. And its worth putting into context that as recently as last year, eurozone Interest Rates were negative. The reason is that inflation is proving harder than expected to control. For the 20 countries using the euro, inflation was 5. 3 in august thats half the 10. 6 that it was a year ago. But as the ecb says today, it is still expected to remain too high for too long. Earlier we got the view from The Economist katharine neiss, she explained the background to this latest move. The ecb told us today through their actions they are still concerned with inflation being too high. I think in particular they are concerned that underlying inflation could become embedded in the euro area economy, making it harder for policymakers to get inflation back to their 2 target. Widely perceived this could be the lasting increase, we heard from the banks president that there was, the decision was not unanimous, there were dissenters. T