Headline inflation was higher still at 3.5 per cent, boosted primarily by a sharp increase in petrol prices and the cost of constructing new homes. Wages growth was also higher than we were expecting, although the difference here is smaller than for the other variables and wages growth remains low.
BIS central bankers’ speeches  1  The first phase of the financial crisis – with Lehman Brothers’ failure being the watershed – can be described as a bank run on a global scale. In contrast to a classic run, it centred on wholesale deposits rather than retail deposits.