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mpc: 2 Short-term sterling interest rates had risen by around 20 basis points over the month, with most of the increase taking place in response to the release of the CPI for December, which was higher than expected. Short-term rates in the United States and the euro area were little changed on the month. Compared with the November Inflation Report, short-term rates were largely unchanged in the United Kingdom and a little lower in the euro area, while in the United States they had risen by around 50 basis points.