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mpc: 2 A4 Annual headline consumer price inflation in the United States was unchanged at 2.1% in June. Annual core consumer price inflation (excluding food and energy prices) had fallen to 1.5% in June, from 1.6% in May. Annual US producer price inflation had risen to 2.9% in the year to June, from 2.5% in May. Annual core US producer price inflation had fallen, to ­0.3% in June compared with ­0.1% in May. A5 According to the third release, euro-area GDP had increased by 0.1% in 2003 Q1, unchanged from the previous estimate and following a rise of 0.1% in 2002 Q4. Industrial production in the euro area had fallen by 0.9% in May compared with a month earlier, following an increase of 0.4% in April. In Germany, industrial production (excluding construction) had fallen by 0.5% on a month earlier in May, having fallen by 1.3% in April. French industrial production had also fallen, by 1.4% in May, following a decline of 0.8% in April. German manufacturing orders had increased by 3.6% in June compared with a month earlier, reflecting a rise of 5.7% in foreign orders. The euro-area Purchasing Managers' Index (PMI) for the manufacturing sector had risen to 48.0 in July, from 46.6 in June; the services sector PMI had increased to 50.2 in July, from 48.2 in June. Euro-area unemployment was unchanged, at 8.9%, in June; German unemployment was also unchanged, at 9.4%. A6 The European Commission measure of business confidence had fallen to ­15 in July, from ­13 in June, while consumer confidence had risen to ­18 from ­19. The German IFO business climate index had increased to 89.2 in July, from 88.2 in June. The increase had been attributable to a rise in the future expectations component of the index. Euro-area retail sales had fallen by 0.6% in May compared with a month earlier. German retail sales had increased by 2.7% and French consumer expenditure on manufactured goods by 0.5% in June, compared with May. A7 Annual harmonised consumer price inflation (HICP) in the euro area had been 2.0% in June, compared with 1.9% in May. Annual core consumer price inflation (excluding energy, food, alcohol and tobacco) had been 1.8% in June, unchanged from May. The Eurostat flash estimate for euro-area HICP inflation had indicated a rate of 1.9% in the year to July. Annual producer price inflation in the euro area had been 1.4% in June, unchanged from May. A8 In Japan, industrial production had fallen by 1.2% in June, compared with an increase of 2.6% in May. The index of tertiary activity had fallen by 0.1% in May compared with a month earlier, while the all-activity index had increased by 0.2% in the same period. Export volumes had fallen by 0.4% in the year to June, while import volumes had increased by 13.3% over the same period. Nominal retail sales had fallen by 0.5% in June, compared with a rise of 1.3% in May. In the all-household survey,