mpc.theyserveforyou.com

mpc: 8 from the previous month. Bonuses had continued to make a negative contribution to earnings growth. A34 There had been little new information on pay settlements. The Bank's AEI-weighted twelve-month mean settlement had remained unchanged at 3.0% in September. The three-month measure had increased slightly from the previous month.

V

Prices

A35 The Bank's oil-inclusive commodity price index had fallen by 1.6% in October, the first fall since July. This had taken the annual inflation rate down from 20.7% in September to 20.0% in October. The monthly fall had mainly reflected falls in the prices of metals and fuels. The fuels component of the index had fallen by 2.5% in October, largely accounted for by the fall of just over 4% in the average sterling oil price in the same month. The Bank's oil-exclusive commodity price index had fallen by 0.8% in October, but due to base effects the annual inflation rate had increased to 8.1% in October from 7.4% in September. A36 Manufacturing input prices had fallen by 0.9% in October, taking the annual inflation rate down from 13.6% in September to 12.1% in October. The monthly fall had largely reflected the fall in the sterling oil price in October. Input prices excluding food, beverages, petroleum and tobacco industries had risen by 0.1% in October, but the annual inflation rate had remained broadly unchanged at 4.1%. The CIPS manufacturing survey input price index had been unchanged at 55.6 in October. Output prices excluding excise duties (PPIY) had risen by 0.1% in October, taking the annual inflation rate from 1.8% in September to 1.9% in October. A37 The GDP deflator (at market prices) had risen by 0.9% in Q3, following a rise of 0.1% in Q2. The annual inflation rate of the GDP deflator had risen marginally to 1.9% in Q3. The annual inflation rate of the investment deflator had fallen to 2.4% in Q3 from 2.8% in Q2, while the annual inflation rate of the household consumption deflator had fallen from 1.3% to 1.0% in Q3. The import price deflator had fallen by 0.3% in Q3, following a rise of 0.7% in Q2. A38 RPIX inflation had fallen by 0.2 percentage points to 2.0% in October. This decline largely reflected a fall in the contributions from petrol, seasonal food, household services and vehicle tax