The international environment

Quarterly Bulletin 1995 Q3
Published on 01 September 1995
  • In the first quarter of 1995, growth slowed in the United States and was very low in Japan. In continental Europe, the recovery remained generally strong; and growth rates quickened in some economies. In the second quarter, US growth weakened further.
  • Non-oil commodity prices were, on average, 21/2% lower in the second quarter than in the first, according to the dollar-denominated Economist index. Oil prices rose sharply and then fell: by June, they were only slightly higher than in March.
  • Producer and consumer price inflation have risen in those major economies whose currencies have depreciated this year.
  • Inflationary pressures have diverged within Europe; as a result, official interest rates have been raised in some countries and cut in others.

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