Monetary Policy Committee Minutes
Glossary and other Information
Glossary of selected data
AEI: average earnings index.
APR: annual percentage rate.
AWE: average weekly earnings.
CPI: consumer prices index.
CSPI: corporate services price index.
Divisia: a measure of the money stock that
gives greater weight to components that are more likely to be
used for making transactions.
ERI: exchange rate index.
GDP: gross domestic product.
GVA: gross value added.
HICP inflation: inflation measured by the harmonised
index of consumer prices.
ILCH: index of labour costs per hour
LFS: Labour Force Survey.
M2: a measure of the US money stock that includes
currency, demand deposits, savings deposits, small-denomination
time deposits and shares in retail money market mutual funds.
M4: UK non-bank, non-building society private sector’s
holdings of sterling notes and coin, and their sterling deposits
(including certificates of deposit, holdings of commercial paper
and other short-term instruments and claims arising from repos)
held at UK banks and building societies.
M4 lending: sterling lending by UK banks and
building societies to the UK non-bank, non building society
private sector. M4 lending includes loans and advances as well
as investments, acceptances and reverse repo transactions.
PCE: personal consumption expenditure.
PDI: personal disposal income.
PMI: purchasing managers’ index.
PPIY: manufacturing output price index excluding
excise duties.
RPI inflation: inflation measured by the retail
prices index.
RPIX inflation: inflation measured by the RPI
excluding mortgage interest payments.
RPIY inflation: inflation measured by the RPI
excluding mortgage interest payments and the following indirect
taxes: Council Tax, VAT, duties, car purchase tax and vehicle
excise duty, insurance tax and airport tax.
SVR: standard variable mortgage rate.
Abbreviations
BCC: British Chambers of Commerce.
BRC: British Retail Consortium.
CBI: Confederation of British Industry.
CIPS: Chartered Institute of Purchasing and
Supply.
DJ: Dow Jones.
ECB: European Central Bank.
EIA: Energy Information Administration.
EU: European Union.
FOMC: Federal Open Market Committee.
FTSE: Financial Times Stock Exchange.
FY: Financial year
GM: General Motors
G7: group of seven major economies: Canada,
France, Germany, Italy, Japan, the United Kingdom and the United
States.
GfK: Gesellschaft für Konsumforschung,
Great Britain Ltd.
HM Treasury: Her Majesty’s Treasury.
ICT: information, communications and technology.
IFO: Institut für Wirtschaftsforschung
an der Universität München.
ILO: International Labour Organisation.
INSEE: Institut National de la Statistique
et des Etudes Economiques.
IMF: International Monetary Fund.
ISM: Institute for Supply Management.
IT: information technology.
MOMR: Monthly Oil Market Report.
MPC: Monetary Policy Committee.
MTIC: missing trader intra-community.
ODPM: Office of the Deputy Prime Minister.
OFCs: other financial corporations.
ONS: Office for National Statistics.
OPEC: Organization of the Petroleum Exporting
Countries.
PBR: Pre-Budget Report
PNFCs: private non-financial corporations.
REC: Recruitment and Employment Confederation.
RICS: Royal Institution of Chartered Surveyors.
S&P: Standard and Poor’s.
SMMT: Society of Motor Manufacturers and Traders.
STEO: Short-Term Energy Outlook.
VAT: value added tax.
WTI: West Texas Intermediate.
