Borrowing by British households accelerated in May according to figures from the Bank of England, days after it warned on a surge in consumer debt * Pound rises above $1.30 on rate hike expectations * Rupert Murdoch’s Sky bid referred to competition watchdog 1.22pm BST GERMAN CONSUMER INFLATION ROSE UNEXPECTEDLY IN JUNE, TO 1.6% FROM 1.5% IN MAY, THE FEDERAL STATISTICS OFFICE SAID. IT HAD BEEN EXPECTED TO FALL TO 1.4%. When harmonised to make the figures comparable with other EU countries, the rate rose to 1.5% from 1.4%. Looking ahead, lower oil prices and the stronger euro exchange rate should lower headline inflation in the coming months. Today’s German inflation data provides further evidence for the ECB’s (and other central banks’) current dilemma: a cyclical upswing without significant inflationary pressure. If even an economy which has just entered its ninth year of economic expansion and which has record high employment hardly shows any inflationary pressures, how could the eurozone as a whole do so any time soon? 12.38pm BST OVER IN GREECE, FINANCE MINISTER EUCLID TSAKALOTOS IS IN CONFIDENT MOOD. Continue reading...
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