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mpc: 8 The sterling effective exchange rate index (ERI) had appreciated over the month, leaving it almost 2% above the 15-day average value used as the starting point for the May Inflation Report projections. However, the sterling ERI remained within the range it had occupied in recent years. The dollar had depreciated further against a range of currencies, leaving the dollar ERI almost 7% below its level at the beginning of 2006.