CPI Up 1.6% In July

Consumer inflation grew by 1.6% over the year to July 2014, a fall of 0.3% from 1.9% in June. The largest factor in the fall in the rate was the fall in the price of clothing. Downward effects also came from alcohol, financial services, and food product groups. The largest upward effect came from transport.

BMW Posts Record Figures For Fourth Successive Year

The BMW Group has continued to perform well during the past year and has maintained its position as the world's leading premium manufacturer recording their highest ever sales volume and group profit figures. Group revenues were slightly down on last year due to exchange rate developments. Pre-tax profits increased by 1.4% to 7,913m euros. Group net profit increased 4.5% to 5,340m euros another new record for BMW.

The Group plans to increase worldwide sales volume in 2014 and the increase should be reflected in group profit before tax which is also expected to rise significantly. The increase in earnings will be affected by investment in new technologies and personnel expenses. Good progress was made by the Financial Services division

BMW was also able to increase the size of its workforce in 2013 employing a record number of apprentices. The BMW Group trained a total of 4,445 apprentices worldwide. The workforce increased by 4.2% in all reflecting growth in business volumes and the rapid pace of innovation. Worldwide BMW employed 110,351 employees up from 105,876 employees in 2012. The increase was driven by the growing need for engineers and skilled workers to keep up with demand and to continue to develop innovations and new technologies.

Business And Finance Drive Services Growth

Business and financial services made the biggest contribution to growth in services in August 2013 according to the ONS. An increase of 0.8% from business and finance helped the index of services grow by 1.5% in August 2013 compared with August 2012. Output grew by 0.4% in the month between July and August.

Consumer Inflation At 3.2%

Annual inflation increased from 3.1% in September to 3.2% last month according to figures released by ONS. The main upward pressure for the change came from petrol and diesel, financial services and games, toys and hobbies (mainly computer games bought in shops rather than online) and the main downward pressure came from food prices. Vegetable prices fell 1% and meat prices were unchanged but went up last year. The index stands at 115.2.

There was an increase of 0.3% over the month. The most significant contributions came from recreation and culture (games, toys and hobbies 1.9% and cultural services 1.7%) and transport (fuels and lubricants 1.8%). Downward pressure over the month came from furniture, household equipment and maintenance (furniture and furnishings -3.4%) and clothing and footwear (-0.7% largely from garments).

Employment Stable In Euro Area

Employment in the euro area was stable in the first quarter (Q1) of 2010. During the same period in the EU27 the number of people employed decreased by 0.2% or 455,000 people.

Employment fell by 1% in the euro area in manufacturing and by 1.2% in the EU27 and in construction by 1.5% and 2.3% respectively. In financial services and business activities employment increased by 0.5% in the euro area and 0.3% in the EU27. Employment in agriculture rose by 0.2% in the euro area and 0.3% in the EU27.