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Why Has Inflation Been So Low since 1999?

Abstract:

In this paper,(1) Stephen Nickell, member of the Bank's Monetary Policy Committee (MPC), explains why CPI goods prices have been falling in the United Kingdom since mid-1999. From 1999 to early 2001, the main factor was a squeeze on margins in the distribution sector. Since then, falling import prices have played a key role along with strong distribution sector productivity growth. Looking forward, while the latter should continue to play a role, import prices may well start to rise. This is ...

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Journal:
Bank of England Quarterly Bulletin
Volume:
45
Publication date:
2005-01-01
URN:
uuid:cb589d80-6c86-409c-956d-ac280ee714ab
Local pid:
oai:economics.ouls.ox.ac.uk:10342
Language:
English

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