Projection that we present today is very much into parts. Im going to begin with the first part. Starting near term outlook. This chart shows the evolution of Consumer Price inflation and its components since 2018. It shows that inflation has come off the peak in october last year and that it continues to fall over the rest of this year in our near term projection. Thats the piece showed in the shade of part of the chart. This fall can be attributed in large part to a full on contribution from energy. Fuel prices have declined, electricity and gas prices have stabilised, albeit at a higher level. The Dark Orange Bars on this chart show how the contribution from Energy Prices falling and turning negatively in the coming months. Giving off gems price cap on energy and gas bills, we expect inflation to take a further step down in the july dates will be published in two weeks time. That will come down to around 7 at that point. Following a larger step down in 0ctober s data to around about
Donald trump throwing his weight as you might have heard behind one jim jordan. Steve scalise shows no signs of backing down. All of this as the Republican Congress plans to vote on a Secret Ballot next week on who their nominee will be for speaker. Will donald trump be a king maker or could this be a deal breaker . Welcome, everybody. Im neil cavuto. Lets go to chad pergram on capitol hill. Chad, where are we on all of this . Neil, good afternoon. The endorsement of jim jordan by former President Trump cut multiple ways. It may boost jordan among trump loyalists, but some republicans think the last thing they need is a speaker endorsed by the former president. Jordan says hes the guy. Who can bring our Team Together . Who can unite our conference and who can tell the American People what were doing and why its important to them. Someone has to be able to come forward, unite the republicans around our message, around what were doing for the American People and go make that take that me
as well as future business conditions, the country is facing an economic slump as we have been reporting and unemployment has a consumer spending as well. to understand more let s speak to a chinese economist at oxford economics. thank you forjoining us on asia business report. what is your reaction to the readings we are seeing? your reaction to the readings we are seeing? generally we are disappointed. we are seeing? generally we are disappointed, we we are seeing? generally we are disappointed, we had we are seeing? generally we are disappointed, we had expected i we are seeing? generally we are| disappointed, we had expected a contraction in this activity but not to the extent but we have to recognise these are diffusion industries more helpful in telling us the direction in which things are going stop i would say that on the manufacturing side what jumps out at us as this is effectively driven by if you look at the subcomponents this is driven by to a large extent
Chart, service price inflation was 7.2% injune which was higher than we projected in may and it remains high on our near term projection for the rest of the year. this upside surprise was primarily driven by some of the more volatile components of service prices, such as air fares and package holidays and also vehicle exercise duty which is unrelated to the balance of demand and supply in the economy. so we should not read too much into this price for this reason. nevertheless, since other subcomponents of service price inflation are closely linked to underlying cosplayers in the economy, continued strength in services price inflation may suggest that high inflation could persist for longer. 0n the short term, let me now turn to the second part of a story which the medium term outlook. 0ver story which the medium term outlook. over the medium to, we must ensure
Weapons systems with american weapons systems for our nato allies, that s a win-win right there. the other opportunity is to revitalize our defense industrial base so we can start stockpiling munitions. we have blown through seven years of javelin missiles in ukraine, 30% of the stinger stockpile, these are things we need going forward particularly if we are going to try and help taiwan defend itself from a prospective chinese invasion of the island and that worries me over the next few years. jacqui: i was thinking about asking that later, a big concern about depleted stocks and how the, you know, defense contractors may be partly to blame for that, how the pentagon budget might be involved in that. how do you see us resolving this and what s our timeline? well, with some of these missile systems they have long lead subcomponents. basically one-third of any system requires a long lead. what we need to be doing right