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To: BW who wrote (9010)	6/12/2001 3:14:38 PM
From: Bucky Katt	Respond to of 13094

UK inflation hits two-year high>> UK inflation has reached its highest rate in two years on the back of rising food prices. The Office for National Statistics (ONS) said that inflation - excluding volatile mortgage repayments - surged by 2.4% during the year to May, up from a rate of just 2% the month before. The monthly increase in underlying inflation was 0.8%. Although the annual underlying figure is still below the Bank of England's target of 2.5%, it dampens hopes of further interest-rate cuts in the near term. This contributed to a year-on-year rise of 5.3%, the biggest increase since September 1995. Rising petrol costs also played a part in the latest figures. "There is little latitude for the Bank's Monetary Policy Committee to cut rates from here," said Jeremy Stretch of Royal Bank of Canada in London. news.bbc.co.uk ____________________________________________________________ French inflation French inflation also rose sharply in May - at the biggest rate for five years, according to provisional data from the French national statistics office on Tuesday. Consumer prices increased by 0.7% in May - higher than expected - and reduced hopes that the European Central Bank would cut interest rates at its next meeting. Think it won't happen here??