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A38 Headline (three-month average) whole-economy annual average earnings growth had been 3.8%
in September, unchanged from the previous month. Headline earnings growth in the private sector had
slowed by 0.1 percentage points, to 3.8%. In the public sector, headline earnings growth had increased
by 0.2 percentage points, to 3.6%. Actual whole-economy earnings growth had been 3.7% in the year
to September, up 0.1 percentage points from the August figure. Whole-economy regular pay growth
(not seasonally adjusted) had increased from 3.4% in August to 3.6% in September. For the third
consecutive month, bonuses had made no contribution to overall average earnings growth.
A39 The Bank's twelve-month average earnings index (AEI)-weighted, whole-economy mean
measure of pay settlements had fallen by 0.1 percentage points in October, to 2.9%.
V
Prices
A40 Sterling oil prices had risen by around 6% since the Committee's November meeting, but had been lower on average in November than in October. A41 Manufacturing input prices had risen by 1.0% in October. This and base effects had increased the annual inflation rate to 2.0% in October, from 1.3% in September. But the CIPS manufacturing survey had continued to point to falling input prices going forward: the input price balance had fallen for the fourth consecutive month, to 46.4 in November from 49.5 in October. A42 Manufacturing output prices excluding duties (PPIY) had risen by 0.1% in October, while the annual inflation rate had risen to 0.6%, from 0.5% in September. Looking ahead, survey data had continued to point to downward pressure on output prices. The expected output price balance from the CBI Monthly Trends survey had fallen to 14 in November, from 8 in October. A43 The ONS experimental Corporate Services Price Index (CSPI) had suggested that annual corporate services price inflation had fallen further in Q3. Annual CSPI inflation had fallen for the sixth consecutive quarter, to 2.2% in 2002 Q3 from 2.5% in 2002 Q2. A44 Annual RPIX inflation had risen by 0.2 percentage points, to 2.3% in October. Within this, annual goods price inflation had risen to 0.7%, from 0.9% in September, and annual services price
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