With UK growth remaining weak and below trend, and with inflationary pressures easing, we urge the (Bank of England's) monetary policy committee to consider an early interest rate cut.

Inflationary pressures are starting to percolate --and the Federal Reserve is going to react to this,

The figures continue the recent run of reports suggesting that underlying inflationary pressures remain muted. They suggest the bank does have room to cut rates if growth disappoints going forward.

However, in spite of the general perception that monetary policy should be conducted so as to avert deflation, a central bank cannot lower interest rates below the zero lower bound.

We are disappointed that the MPC felt unable to take action to counter the adverse pressures affecting the economy.

Japan hasn't seen much recovery in housing. But inflationary pressures in Japan could be very positive for properties.