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mpc: 11 A43 Prices of imported goods had risen by 2.1% overall in the three months to July compared with the previous three months. Excluding oil and erratics, prices of imported goods had risen by 1.4% over the same period. On the same basis, prices of exported goods had risen by 2.5% overall, while those excluding oil and erratics had risen by 1.5%. A44 Annual inflation in the GDP deflator at market prices in 2000 Q2 had been unrevised at 1.8%. A45 Annual RPIX inflation had fallen by 0.3 percentage points to 1.9% in August. This fall had mainly reflected falls in the contributions of petrol and, to a lesser extent, seasonal food prices. RPI inflation had also fallen by 0.3 percentage points to 3.0% in August. RPIY inflation had fallen to 1.5% in August from 1.9% in the previous month, while HICP inflation had fallen to 0.6% from 1.0% in July.

VI

Reports by the Bank's Agents

A46 The Agents suggested that the overall impact of the recent fuel supply disruption had been relatively small, but that a significant impact had been noted in certain sectors. Food sales during September had reportedly been unaffected, with panic buying in the week of the disruption offset by lower sales in the following week. But non-food sales had been heavily affected in some cases. While some of these lost sales were expected to be recovered in coming months, others were likely to represent a permanent loss of business. The effect on industrial production was reported to have been small and most losses were likely to have already been recovered. Oil refinery production had been unaffected. But the Agents had suggested that the level of precautionary stocks of fuel and other components held by firms may rise in the future. Within services, the most significant impact was reported for leisure sector activities, most of which was unlikely to be recovered. Most contacts had felt that if the disruption had lasted another 48 hours its effects would have been far more serious. A47 More generally, the Agents had reported a continuing recovery in manufacturing output growth, though the majority of this remained export-led. Many regions continued to report little