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mpc: 8 compared with a positive contribution of 0.9 percentage points in March. The Bank's estimate of growth in earnings per hour had also fallen back, to below 6% in April, with the increase in average hours narrowing the gap between heads and hours-based measures. A32 The REC survey had indicated a pick-up in the rate of growth of permanent agency placement salaries in June. Growth rates for temporary staff had also increased. A33 The growth of wages and salaries per head, calculated from the National Accounts, had increased slightly to 5.2% in Q1, broadly in line with the AEI over the period. But the growth rate of unit wage costs had fallen slightly, reflecting the offsetting influence of whole-economy productivity growth, which had been 2.2% in Q1. The broad trend of the labour share of national income had continued upwards, though it had yet to reach the early-1990s peak. A34 As was usual for this time of the year, there had been little new information on settlements. The Bank's AEI-weighted twelve-month mean was flat at 3.1% in May. The public and private sector means were also unchanged.

V

Prices

A35 The Bank oil-inclusive commodity price index had risen by 6.4% in May, the second largest monthly rise since the start of the series in 1990. This had taken the annual inflation rate from 8.9% up to 16.4%. The increase had reflected large rises in the prices of all the components of the index except domestic food. The fuels component of the index had risen by 12%, largely accounted for by the rise of more than 20% in the sterling oil price in May. The sterling oil price had risen by a further 8% in June. The Bank oil-exclusive commodity price index had risen by 2.2% in May, and by 3.1% over the past year. A36 Manufacturing input prices had risen by 3.6% in May, taking the annual inflation rate from 7.9% to 12.9%. The large monthly rise had mainly reflected the sharp increase in the price of oil in May, though there had also been rises in the prices of metals and of imported materials. Input prices excluding food, drink, tobacco and petroleum had risen by 0.7% in May, taking the annual rate of