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Prices in the Polish consumer basket stopped falling in November 2016. The inflation index was even up 2.2% yoy in February 2017 (1.8% in January). The rise is partly due to an increase in the price of winter vegetables, which suggests may be just a blip. Elsewhere, pressures in the labour market, with the gradual fall in the unemployment rate, have had a positive impact on wage levels.
Facing a similar impact of the crisis on activity, Spain has responded with a more dramatic adjustment in employment and labour costs than Italy. Wage moderation was much more needed in Spain following a pre-crisis hike in wages. Stronger improvement in productivity, coupled with wage moderation, has resulted in a more marked increase in competitiveness in Spain.
At end-January inflation hit 28.1% y/y, a 5-point increase on December's 23.3%. In addition, since October 2016, core inflation has risen faster than the consumer price index. The main cause of this inflation is the imported inflation due to the Egyptian Pound's depreciation, which has automatically increased the cost of imports of everyday consumer goods.
The average minimum monthly salary in Latin America (excluding Venezuela) is USD 320, which corresponds to USD 590 in purchasing power parity, and to 40% of average per capita GDP. The dispersion is fairly strong, but Mexico stands out, with a particularly low minimum wage: 80 MXN/day, or USD 110 a month and only 15% of per capita GDP.
Polls conducted after May's speech on Brexit show that a majority of the public support the sort of Brexit she is seeking to achieve. The public preference for the Conservative party has been boosted to a 17-point lead relative to Labour (when undecided people are excluded).
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