The year-to-year declines in corporate service prices are narrowing steadily on the whole, partly owing to the improvement in supply and demand conditions, particularly for real estate rents and information services, although leasing charges continue to decline. Consumer prices (nationwide, excluding perishables) overall are stable, marginally above the previous year’s level, mainly because the year-to-year declines in goods prices have narrowed.
The growth in monetary aggregates, measured in terms of the year-to-year growth of M2 + CDs average outstanding, has continued at around 3 per cent. Regarding money market rates, the overnight call rate (uncollateralized) has moved at a level slightly below the official discount rate. The 3-month CD rate has stayed at around 0.55 per cent.