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mpc: 8 had fallen further in October. ONS data on Jobcentre vacancies remained suspended. A29 The LFS measure of unemployment had risen by 28,000 in the third quarter, compared with the previous quarter, and the unemployment rate had risen to 5.1%. Over the same period, claimant-count unemployment had fallen by 24,500, but there had been a 4,300 rise in the claimant count in October. A30 Working-age inactivity had increased by 84,000 in the third quarter compared with the previous quarter, raising the rate by 0.2 percentage points to 21.4%. The rise in working-age inactivity had been more than accounted for by women (up 97,000). A31 Bank estimates of labour productivity growth during the year to 2001 Q3, based on LFS employment data, had been below the historical average whether measured on an hours or numbers- employed basis. The corresponding estimate of annual growth in whole-economy unit wage costs, based on the Average Earnings Index (AEI) measure of wages, had fallen by 0.2 percentage points on the previous quarter, to 3.1%. A32 Headline whole-economy annual earnings growth, as measured by the AEI, had been 4.4% in September, down 0.1 percentage points from August. Headline earnings growth in the public sector had risen by 0.1 percentage points to 5.8%, but this had been more than offset by a 0.2 percentage point fall in the private sector to 4.1%. Actual whole-economy earnings growth had risen from 4.3% in August to 4.4% in September. Whole-economy regular pay growth (not seasonally adjusted) had fallen by 0.2 percentage points to 5.0% in September. The contribution of bonuses reduced annual whole-economy earnings growth by 0.6 percentage points (not seasonally adjusted) in September.

V

Prices

A33 The Bank's sterling commodity price index had fallen by 4.1% in October. Fuels and metals prices, which had fallen by 7.2% and 2% respectively on the month, had outweighed a rise of 0.4% in domestic food prices. The annual inflation rate of the index had fallen for the fifth consecutive month in October, to -6.8% ­ its lowest rate since January 1999. A34 There had been further falls in oil prices in November. Average sterling oil prices had been 9.6% lower than in October, and around 40% lower than a year earlier.