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Price of milk and sunflower oil starting to fall
The prices of food staples such as oil and milk are finally "edging down", even though shopping bills remain high, new data suggests.
Research firm Kantar said shoppers paid on average £1.50 for four pints of milk in July, down from £1.69 in March.
The average cost of a litre of sunflower oil, meanwhile, is now £2.19, which is 22p less than in the spring.
Tomorrow UK's the ONS releases Consumer Price Index number. Year on Year to July they are forecast to come in at 6.8% down from 7.9%.
UK wages grow at record rate
Wages grew at a record annual pace between April and June, according to new figures from the Office for National Statistics.
Regular pay grew by 7.8%, the highest annual growth rate since comparable records began in 2001.
Inflation, which measures the pace at which prices are rising, has eased but remains relatively high at 7.9%.
But Darren Morgan from the ONS said Tuesday's figures suggested "people's real pay is recovering".
Mr Morgan, the ONS's director of economic statistics, said that basic pay "is growing at its fastest since current records began".
"Coupled with lower inflation, this means the position on people's real pay is recovering and now looks a bit better than a few months back."
There are signs in the ONS's data that the UK employment market is easing, The jobless rate rose from 4% to 4.2%, while the number of people in employment ticked lower.
The fall in employment in the three months to June and further rise in the unemployment rate will be welcomed by the Bank of England as a sign labour market conditions are cooling, " said Ruth Gregory, deputy chief UK economist at Capital Economics.
China has stopped releasing youth unemployment figures, which were seen by some as a key indication of the country's slowdown.
The decision is due to changes in the world's second largest economy and its society, a government spokesman said.
In June, China's jobless rate for 16 to 24 year olds in urban areas hit a record high of more than 20%.
The country's central bank also cut the cost of borrowing on Tuesday in an attempt to help boost growth.
Official figures published on Tuesday showed China's overall unemployment rate had risen to 5.3% in July.
China central bank unexpectedly cuts rates to support sputtering economy
China's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery.
The cash injection was to counteract factors including tax payments in order to "keep banking system liquidity reasonably ample", the PBOC said in an online statement.
In a Reuters poll of 26 market watchers conducted this week, 20 participants, or 77%, predicted that the central bank would leave the MLF rate unchanged. Only six respondents forecast a marginal rate reduction.
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