Bank of England inflation report - May 2012
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Transcript of Bank of England inflation report - May 2012
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Cgnb`}cdg [axd{}
O`s ;80;
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K@GL DN AGFB@GM
Cgnb`}cdg [axd{}O`s ;80;
Cg d{ma{ }d o`cg}`cg x{cja z}`kcbc}s" }ea Fd~a{goag} e`z za} }ea K`glz Odga}`{s Xdbcjs
Jdooc}}aa %OXJ# ` }`{fa} nd{ }ea `ggq`b cgnb`}cdg {`}a dn }ea Jdgzqoa{ X{cjaz Cgmau dn ;!'
Zqkiaj} }d }e`}" }ea OXJ cz `bzd {apqc{am }d zqxxd{} }ea Fd~a{goag}z dkiaj}c~a dn o`cg}`cgcgf
ecfe `gm z}`kba f{dv}e `gm aoxbdsoag}'
]ea Cgnb`}cdg [axd{} cz x{dmqjam pq`{}a{bs ks K`gl z}`nn qgma{ }ea fqcm`gja dn }ea oaoka{z dn
}ea Odga}`{s Xdbcjs Jdooc}}aa' C} za{~az }vd xq{xdzaz' Nc{z}" c}z x{ax`{`}cdg x{d~cmaz `
jdox{aeagzc~a `gm nd{v`{m/bddlcgf n{`oavd{l nd{ mczjqzzcdg `odgf OXJ oaoka{z `z `g `cm }d
dq{ majczcdg o`lcgf' Zajdgm" c}z xqkbcj`}cdg `bbdvz qz }d ze`{a dq{ }ecglcgf `gm auxb`cg }ea
{a`zdgz nd{ dq{ majczcdgz }d }edza vedo }eas `nnaj}'
@b}edqfe gd} a~a{s oaoka{ vcbb `f{aa vc}e a~a{s `zzqox}cdg dg vecje dq{ x{diaj}cdgz `{a
k`zam" }ea n`g je`{}z {ax{azag} }ea OXJz kaz} jdbbaj}c~a iqmfaoag} `kdq} }ea odz} bclabs x`}ez
nd{ cgnb`}cdg `gm dq}xq}" `gm }ea qgja{}`cg}caz zq{{dqgmcgf }edza jag}{`b x{diaj}cdgz'
]ecz [axd{} e`z kaag x{ax`{am `gm xqkbczeam ks }ea K`gl dn Agfb`gm cg `jjd{m`gja vc}e
zaj}cdg 05 dn }ea K`gl dn Agfb`gm @j} 0335'
]ea Odga}`{s Xdbcjs Jdooc}}aa9
Oa{~sg Lcgf" Fd~a{gd{
Je`{baz Ka`g" Maxq}s Fd~a{gd{ {azxdgzckba nd{ odga}`{s xdbcjs
X`qb ]qjla{" Maxq}s Fd~a{gd{ {azxdgzckba nd{ ncg`gjc`b z}`kcbc}s
Kag K{d`mkag}
Zxagja{ M`ba
X`qb Nczea{
M`~cm Ocbaz
@m`o Xdzag
O`{}cg Va`ba
]ea D~a{~cav dn }ecz Cgnb`}cdg [axd{} cz `~`cb`kba dg }ea K`glz vakzc}a `}
vvv'k`gldnagfb`gm'jd'ql$xqkbcj`}cdgz$X`faz$cgnb`}cdg{axd{}$cgn{ax'`zxu'
]ea ag}c{a [axd{} cz `~`cb`kba cg XMN `}
vvv'k`gldnagfb`gm'jd'ql$xqkbcj`}cdgz$X`faz$cgnb`}cdg{axd{}$c{0;8;'`zxu'
Xdva{Xdcg} ~a{zcdgz dn }ea je`{}z cg }ecz [axd{} `gm }ea m`}`
qgma{bscgf odz} dn }ea je`{}z `{a x{d~cmam `}
vvv'k`gldnagfb`gm'jd'ql$xqkbcj`}cdgz$X`faz$cgnb`}cdg{axd{}$c{0;8;'`zxu'
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D~a{~cav 1
0 Odgas `gm `zza} x{cjaz 3
0'0 Odga}`{s xdbcjs 3
0'; Odgas 00
0': Ncg`gjc`b o`{la}z 0;0'= J{amc} jdgmc}cdgz 01
Kdu Odga}`{s xdbcjs zcgja }ea Nak{q`{s [axd{} 08
; Mao`gm 06
;'0 Mdoaz}cj mao`gm 06
;'; Au}a{g`b mao`gm `gm QL }{`ma ;8
Kdu Oa`zq{cgf {a`b fd~a{goag} jdgzqox}cdg ;0
: Dq}xq} `gm zqxxbs ;=
:'0 Dq}xq} ;=
:'; B`kdq{ mao`gm `gm zqxxbs ;1
:': X{dmqj}c~c}s gm jdox`gcaz zx`{a j`x`jc}s ;3
Kdu ]ea cox`j} dn zxajc`b n`j}d{z dg }ea x`}e dn FMX f{dv}e cg ;80; ;>
= Jdz}z `gm x{cjaz :0
='0 Jdgzqoa{ x{cjaz :0
='; Au}a{g`b cgnbqagjaz dg cgnb`}cdg :;
=': Mdoaz}cj cgnbqagjaz dg cgnb`}cdg :1
Kdu [ajag} ma~abdxoag}z cg odg}ebs cgnb`}cdg {`}az ::
1 X{dzxaj}z nd{ cgnb`}cdg :5
1'0 ]ea x{diaj}cdgz nd{ mao`gm gm cgnb`}cdg :5
1'; Las iqmfaoag}z `gm {czlz =;
1': Zqoo`{s `gm }ea xdbcjs majczcdg =6
Kdu Ncg`gjc`b gm aga{fs o`{la} zzqox}cdgz =8Kdu D}ea{ nd{aj`z}a{z auxaj}`}cdgz =5
Cgmau dn je`{}z `gm }`kbaz =3
X{azz Gd}cjaz 10
Fbdzz`{s `gm d}ea{ cgnd{o`}cdg 1;
Jdg}ag}z
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D~a{~cav 1
D~a{~cav
Ncg`gjc`b `gm j{amc} o`{la}zZcgja }ea Nak{q`{s Cgnb`}cdg [axd{}" }ea OXJ e`z o`cg}`cgam
K`gl [`}a `} 8'1! `gm }ea zcya dn c}z `zza} xq{je`za
x{df{`ooa `} :;1 kcbbcdg' ]ea Aq{dxa`g Jag}{`b K`glz
bdgfa{/}a{o {ancg`gjcgf dxa{`}cdgz va{a `zzdjc`}am vc}e `g
cgc}c`b cox{d~aoag} cg k`gl nqgmcgf jdgmc}cdgz" `b}edqfe zdoacgmcj`}d{z dn qgzajq{am nqgmcgf jdz}z zqkzapqag}bs xcjlam qx'
Zx{a`mz dg zdoa aq{d/`{a` jdqg}{caz fd~a{goag} mak}
{ao`cgam aba~`}am' QL k`glz {`czam zcfgcncj`g} nqgmz n{do
mak} o`{la}z cg ;80; P0' ]eas jdg}cgqam }d x`zz }e{dqfe
a`{bca{ {czaz cg }eac{ nqgmcgf jdz}z }d od{}f`fa {`}az' Odgas
f{dv}e xcjlam qx cg P0< j{amc} f{dv}e {ao`cgam va`l'
Z}a{bcgf e`z `xx{ajc`}am ks :! zcgja }ea Nak{q`{s [axd{}'
Mao`gmFbdk`b f{dv}e {ao`cgam qga~ag `j{dzz mcnna{ag} {afcdgz'
Dq}xq} cg }ea aq{d `{a` }ea Qgc}am Lcgfmdoz odz}
coxd{}`g} }{`mcgf x`{}ga{ jdg}{`j}am cg ;800 P= `gm
kqzcgazz zq{~asz xdcg}am }d ` nq{}ea{ n`bb cg ;80; P0' Cg
jdg}{`z}" }ea QZ ajdgdos {ajd{mam zdbcm cgj{a`zaz" zqxxd{}am
ks edqzaedbm zxagmcgf' @j}c~c}s cg }ea aoa{fcgf ajdgdocaz
Dq}xq} e`m k`{abs f{dvg nd{ ` sa`{ `gm ` e`bn `gm v`z az}co`}am }d e`~a jdg}{`j}am zbcfe}bs cg }eax`z} }vd pq`{}a{z' ]ea aq{d/`{a` ajdgdos {ao`cgam va`l" kq} fbdk`b `j}c~c}s d~a{`bb jdg}cgqam }daux`gm `} ` odma{`}a x`ja' @ gqoka{ dn dga/dnn n`j}d{z `{a bclabs }d `nnaj} }ea x`}}a{g dn pq`{}a{bsf{dv}e dn mdoaz}cj dq}xq} mq{cgf ;80;' Bddlcgf }e{dqfe }edza annaj}z" qgma{bscgf mao`gm f{dv}ecz bclabs }d {ao`cg zqkmqam cg }ea ga`{ }a{o" kand{a ` fag}ba cgj{a`za cg edqzaedbmz {a`b cgjdoaz`gm jdgzqox}cdg eabxz }ea {ajd~a{s }d f`cg }{`j}cdg' Z}coqbqz n{do odga}`{s xdbcjs zedqbmjdg}cgqa }d zqxxd{} mao`gm" `b}edqfe ea`mvcgmz n{do }ea au}a{g`b ag~c{dgoag}" }cfe} j{amc}
jdgmc}cdgz `gm }ea nczj`b jdgzdbcm`}cdg `{a bclabs }d xa{zcz}' ]ea xdzzckcbc}s }e`} }ea zqkz}`g}c`bje`bbagfaz vc}ecg }ea aq{d `{a` vcbb ba`m }d zcfgcncj`g} ajdgdocj `gm ncg`gjc`b mcz{qx}cdg jdg}cgqaz}d xdza }ea f{a`}az} }e{a`} }d }ea QL {ajd~a{s'
JXC cgnb`}cdg z}ddm `} :'1! cg O`{je ;80;" mdvg n{do ` xa`l dn 1';! cg Zax}aoka{ ;800' ]e`} n`bb{anbaj}am }ea annaj}z dn a`{bca{ cgj{a`zaz cg aga{fs x{cjaz gm @] m{dxxcgf dq} dn }ea }vab~a/odg}ecgnb`}cdg {`}a' ]ea x{dzxaj}z nd{ cgnb`}cdg `{a qgja{}`cg' ]ea ga`{/}a{o dq}bddl cz iqmfam }d kazdoave`} ecfea{ }e`g auxaj}am }e{aa odg}ez `fd" vc}e cgnb`}cdg gdv bclabs }d {ao`cg `kd~a }ea;! }`{fa} nd{ }ea gau} sa`{ d{ zd' Kq} ` f{`mq`b a`zcgf cg }ea cox`j} dn au}a{g`b x{cja x{azzq{az"
}dfa}ea{ vc}e ` jdg}cgqcgf m{`f n{do ajdgdocj zb`jl" zedqbm ba`m cgnb`}cdg }d n`bb k`jl }d `{dqgm }ea}`{fa}' Qgma{ }ea `zzqox}cdgz }e`} K`gl [`}a od~az cg bcga vc}e o`{la} cg}a{az} {`}az `gm }ea zcyadn }ea `zza} xq{je`za x{df{`ooa {ao`cgz `} :;1 kcbbcdg" }ea {czlz dn cgnb`}cdg kacgf `kd~a d{ kabdv}ea }`{fa} ks }ea agm dn }ea nd{aj`z} xa{cdm `{a iqmfam }d ka k{d`mbs k`b`gjam'
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> Cgnb`}cdg [axd{} O`s ;80;
aux`gmam z}a`mcbs" `bkac} od{a zbdvbs }e`g `} }ea kafcggcgf dn
b`z} sa`{' QL auxd{}z f{av odmaz}bs cg ;800" qgma{xcggam ks
zdbcm auxd{} f{dv}e }d gdg/AQ jdqg}{caz'
@} edoa" FMX f{dv}e v`z va`l mq{cgf ;800' ]e`} va`lgazz
v`z jdgjag}{`}am vc}ecg mdoaz}cj mao`gm' Jdgzqox}cdg nabb"`z }ea zpqaaya dg {a`b cgjdoaz jdg}cgqam `gm edqzaedbmz
z`~am od{a' @gm kqzcgazz cg~az}oag} {ao`cgam zcfgcncj`g}bs
kabdv c}z x{a/j{czcz ba~ab" eabm k`jl ks va`l mao`gm"
eacfe}agam qgja{}`cg}s `gm }cfe} j{amc} jdgmc}cdgz'
Dq}xq} v`z x{d~czcdg`bbs az}co`}am }d e`~a n`bbag ks 8';! cg
;80; P0" }ea zajdgm jdgzajq}c~a pq`{}a{ dn jdg}{`j}cdg' ]e`}
n`bb v`z m{c~ag ks ` b`{fa majbcga cg oa`zq{am jdgz}{qj}cdg
dq}xq}' F{dv}e cg }ea {az} dn }ea ajdgdos v`z `bzd az}co`}am
}d ka va`l" vc}e o`gqn`j}q{cgf `gm za{~cjaz dq}xq} kd}e
k{d`mbs nb`}' Kq} kqzcgazz zq{~asz" b`kdq{ o`{la}
ma~abdxoag}z `gm {axd{}z n{do }ea K`glz @fag}z `bb xdcg}am}d zdoave`} z}{dgfa{ `j}c~c}s cg }ea nc{z} pq`{}a{" zqffaz}cgf
}e`} }ea qgma{bscgf xcj}q{a v`z bazz va`l'
]ea Jdooc}}aaz x{diaj}cdgz `{a jdgmc}cdgam dg }ea }`u `gm
zxagmcgf xb`gz za} dq} cg }ea O`{je Kqmfa}' ]edza xb`gz
zqffaz} }e`} }ea {amqj}cdg cg }ea nczj`b mancjc} `z ` x{dxd{}cdg
dn gdocg`b FMX cz bclabs }d ka ` bc}}ba zbdva{ cg ;80;$0: }e`g cg
}ea x{a~cdqz }vd sa`{z'
]ea dq}bddl nd{ FMX f{dv}e
Je`{} 0 zedvz }ea Jdooc}}aaz kaz} jdbbaj}c~a iqmfaoag} nd{ndq{/pq`{}a{ FMX f{dv}e" `zzqocgf }e`} K`gl [`}a ndbbdvz `
x`}e coxbcam ks o`{la} cg}a{az} {`}az `gm }ea zcya dn }ea `zza}
xq{je`za x{df{`ooa z}`sz `} :;1 kcbbcdg' ]ea x`}}a{g dn
pq`{}a{bs f{dv}e cg ;80; cz bclabs }d ka `nnaj}am ks ` gqoka{ dn
dga/dnn n`j}d{z" cgjbqmcgf }ea Pqaagz Mc`odgm Iqkcbaa gm }ea
Dbsoxcjz' Bddlcgf }e{dqfe }edza annaj}z" qgma{bscgf f{dv}e cz
bclabs }d {ao`cg zqkmqam cg }ea ga`{ }a{o kand{a ` fag}ba
cgj{a`za cg edqzaedbmz {a`b cgjdoaz `gm jdgzqox}cdg eabxz
}ea {ajd~a{s }d f`cg }{`j}cdg' Z}coqbqz n{do odga}`{s xdbcjs
zedqbm eabx }d zqxxd{} `j}c~c}s" kq} jdg}cgqam z}{`cgz vc}ecg
}ea aq{d `{a`" }cfe} j{amc} jdgmc}cdgz `gm }ea nczj`b
jdgzdbcm`}cdg `{a `bb bclabs }d }aoxa{ }ea x`ja dn aux`gzcdg'
]ea x{dzxaj}z nd{ QL f{dv}e {ao`cg qgqzq`bbs qgja{}`cg' ]ea
zcgfba kcffaz} }e{a`} }d }ea {ajd~a{s z}aoz n{do }ea je`bbagfaz
vc}ecg }ea aq{d `{a`" cg x`{}cjqb`{ }ea gaam }d {amqja }ea
cgmak}amgazz `gm cox{d~a }ea jdoxa}c}c~agazz dn zdoa
oaoka{ jdqg}{caz' A~ag cn ` j{amckba `gm annaj}c~a za} dn
xdbcjcaz cz zqjjazznqbbs coxbaoag}am" }ea zj`ba dn }ea gajazz`{s
`miqz}oag}z zqffaz}z }e`} ` x{dbdgfam xa{cdm dn zbqffcze
f{dv}e `gm eacfe}agam qgja{}`cg}s cz bclabs' @ n`cbq{a }d
coxbaoag} zqje xdbcjcaz jdqbm e`~a za~a{a coxbcj`}cdgz nd{ }ea
QL ajdgdos' @z v`z }ea j`za cg x`z} [axd{}z" }ea OXJ zaaz
gd oa`gcgfnqb v`s }d pq`g}cns }ea zcya `gm bclabceddm dn }ea
odz} au}{aoa xdzzckcbc}caz `zzdjc`}am vc}e ma~abdxoag}z cg
}ea aq{d `{a`" `gm }eas `{a }ea{and{a aujbqmam n{do }ea n`g
je`{}z' Kq} }ea }e{a`} dn }eaza od{a au}{aoa dq}jdoaz cz
5
6
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1
=
:
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0
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6
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;885 83 08 00 0; 0: 0= 01
Xa{jag}`fa cgj{a`zaz cg dq}xq} dg ` sa`{ a`{bca{
X{diaj}cdgK`gl az}co`}az dn x`z} f{dv}e
DGZ m`}`
,
Je`{} 0 FMX x{diaj}cdg k`zam dg o`{la} cg}a{az} {`}a
auxaj}`}cdgz `gm :;1 kcbbcdg `zza} xq{je`zaz
]ea n`g je`{} maxcj}z }ea x{dk`kcbc}s dn ~`{cdqz dq}jdoaz nd{ FMX f{dv}e' C} e`z kaagjdgmc}cdgam dg }ea zzqox}cdg }e`} }ea z}djl dn xq{je`zam zza}z ncg`gjam ks }ea czzq`gja dnjag}{`b k`gl {aza{~az {ao`cgz `} :;1 kcbbcdg }e{dqfedq} }ea nd{aj`z} xa{cdm' ]d }ea ban} dn }eanc{z} ~a{}cj`b m`zeam bcga" }ea mcz}{ckq}cdg {anbaj}z }ea bclabceddm dn {a~czcdgz }d }ea m`}` d~a{ }eax`z}< }d }ea {cfe}" c} {anbaj}z qgja{}`cg}s d~a{ }ea a~dbq}cdg dn FMX f{dv}e cg }ea nq}q{a' Cnajdgdocj jc{jqoz}`gjaz cmag}cj`b }d }dm`sz va{a }d x{a~`cb dg 088 djj`zcdgz" }ea OXJz kaz}jdbbaj}c~a iqmfaoag} cz }e`} }ea o`}q{a az}co`}a dn FMX f{dv}e vdqbm bca v c}ecg }ea m`{laz}jag}{`b k`gm dg dgbs 08 dn }edza djj`zcdgz' ]ea n`g je`{} cz jdgz}{qj}am zd }e`} dq}}q{gz {a`bzd auxaj}am }d bca vc}ecg a`je x`c{ dn }ea bcfe}a{ f{aag {a`z dg 08 djj`zcdgz' Cg gs x`{}cjqb`{pq`{}a{ dn }ea nd{aj`z} xa{cdm" FMX f{dv}e cz }ea{and{a auxaj}am }d bca zdoavea{a vc}ecg }ea n`gdg 38 dq} dn 088 djj`zcdgz' @gm dg }ea {ao`cgcgf 08 dq} dn 088 djj`zcdgz FMX f{dv}e j`g n`bb`gsvea{a dq}zcma }ea f{aag {a` dn }ea n g je`{}' D~a{ }ea nd{aj`z} xa{cdm" }ecz e`z kaag
maxcj}am ks }ea bcfe} f{as k`jlf{dqgm' Cg gs pq`{}a{ dn }ea nd{aj`z} xa{cdm" }ea x{dk`kcbc}so`zz cg a`je x`c{ dn cmag}cj`bbs jdbdq{am k`gmz zqoz }d 08!' ]ea mcz}{ckq}cdg dn }e`} 08!ka}vaag }ea k`gmz kabdv gm kd~a }ea jag}{`b x{diaj}cdg ~`{caz jjd{mcgf }d }ea zlav } a`jepq`{}a{" vc}e }ea mcz}{ckq}cdg fc~ag ks }ea {`}cd dn }ea v cm}e dn }ea k`gmz kabdv }ea jag}{`bx{diaj}cdg }d }ea k`gmz `kd~a c}' Cg Je`{} 0" }ea x{dk`kcbc}caz cg }ea bdva{ k`gmz {a }ea z`oa z}edza cg }ea qxxa{ k`gmz } Sa`{z 0" ; gm :' Zaa }ea kdu dg x`fa :3 dn }ea Gd~aoka{ ;886Cgnb`}cdg [axd{} nd{ nqbba{ mazj{cx}cdg dn }ea n`g je`{} gm ve`} c} {ax{azag}z' ]ea zajdgmm`zeam bcga cz m{`vg } }ea }vd/sa`{ xdcg} dn }ea x{diaj}cdg'
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5 Cgnb`}cdg [axd{} O`s ;80;
]ea dq}bddl nd{ cgnb`}cdgJe`{} : zedvz }ea Jdooc}}aaz kaz} jdbbaj}c~a iqmfaoag} dn
}ea dq}bddl nd{ JXC cgnb`}cdg" k`zam dg }ea z`oa `zzqox}cdgz
`z Je`{} 0' ]ea ga`{/}a{o dq}bddl cz ecfea{ }e`g cg }ea
Nak{q`{s [axd{}" vc}e cgnb`}cdg bclabs }d {ao`cg `kd~a }ea
;! }`{fa} nd{ }ea gau} sa`{ d{ zd' ]ecz qxv`{m {a~czcdg {anbaj}zkd}e }ea cox`j} dn ecfea{ aga{fs x{cjaz `gm cgmc{aj} }`uaz" `gm
`bzd ` iqmfaoag} }e`} jdz} x{azzq{az n{do x`z} {czaz cg
jdoodmc}s x{cjaz `gm va`l x{dmqj}c~c}s `{a bclabs }d e`~a `
f{a`}a{ cox`j} dg cgnb`}cdg cg }ea ga`{ }a{o }e`g auxaj}am
}e{aa odg}ez `fd' Kq} ` f{`mq`b a`zcgf cg }ea cox`j} dn
au}a{g`b x{cja x{azzq{az `gm ` jdg}cgqcgf m{`f n{do ajdgdocj
zb`jl zedqbm j`qza cgnb`}cdg }d n`bb k`jl }d `{dqgm }ea }`{fa} cg
}ea zajdgm e`bn dn }ea nd{aj`z} xa{cdm'
]ea x{dzxaj}z nd{ cgnb`}cdg {ao`cg qgja{}`cg" gd} ba`z} kaj`qza
c} cz mcnncjqb} }d f`qfa vc}e `gs x{ajczcdg }ea jq{{ag} z}{agf}edn qgma{bscgf cgnb`}cdg`{s x{azzq{a' ]ea au}ag} }d vecje
cgnb`}cdg zbdvz cg }ea ga`{ }a{o maxagmz dg }ea x`ja `} vecje
au}a{g`b x{cja x{azzq{az a`za" `gm eagja dg ma~abdxoag}z cg
jdoodmc}s `gm d}ea{ coxd{} x{cjaz' ]ea x`}e dn cgnb`}cdg vcbb
`bzd maxagm dg }ea f{dv}e cg jdox`gcaz mdoaz}cj jdz}z"
vecje vcbb ka ea`~cbs `nnaj}am ks }ea x`ja dn x{dmqj}c~c}s
f{dv}e `gm }ea au}ag} }d vecje zb`jl cg }ea b`kdq{ o`{la}
bcoc}z v`fa f{dv}e' ]ea maf{aa }d vecje jdox`gcaz zaal }d
{az}d{a }eac{ x{dnc} o`{fcgz ks {`czcgf x{cjaz vcbb `bzd e`~a `g
coxd{}`g} ka`{cgf dg cgnb`}cdg'
]ea mcnncjqb}s dn x{amcj}cgf }ea x{ajcza cox`j} dn }eazacgnbqagjaz oa`gz }e`} }ea Jdooc}}aa xb`jaz od{a vacfe} dg
}ea k{d`m ze`xa dn }ea cgnb`}cdg dq}bddl }e`g c}z au`j}
j`bck{`}cdg' @gm }ea{a {ao`cgz ` {`gfa dn ~cavz `odgf
Jdooc}}aa oaoka{z {af`{mcgf }ea {ab`}c~a z}{agf}e dn
mcnna{ag} n`j}d{z' Dg k`b`gja" edva~a{" }ea Jdooc}}aaz kaz}
jdbbaj}c~a iqmfaoag}" k`zam dg }ea jdgmc}cdgcgf `zzqox}cdgz
mazj{ckam `kd~a" cz }e`} ks }ea agm dn }ea nd{aj`z} xa{cdm" }ea
{czlz dn cgnb`}cdg kacgf `kd~a d{ kabdv }ea ;! }`{fa} `{a
k{d`mbs k`b`gjam %Je`{} =#'
]ea xdbcjs majczcdg@} c}z O`s oaa}cgf" }ea Jdooc}}aa gd}am }e`}" mazxc}a }eaje`gfaz cg }ea ga`{/}a{o dq}bddl" }ea nqgm`oag}`b xdbcjs
je`bbagfaz ndbbdvcgf }ea ncg`gjc`b j{czcz `gm zqkzapqag}
{ajazzcdg {ao`cgam }ea z`oa' FMX f{dv}e v`z bclabs }d
{ao`cg va`l cg }ea ga`{ }a{o `gm }d z}{agf}eag f{`mq`bbs
}ea{a`n}a{' Ma~abdxoag}z cg }ea aq{d `{a` jdg}cgqam }d xdza `
zcfgcncj`g} }e{a`} }d }e`} dq}bddl' Cgnb`}cdg e`m majbcgam
ze`{xbs zcgja b`z} `q}qog" k{d`mbs `z }ea Jdooc}}aa e`m
auxaj}am' @gm `b}edqfe cgnb`}cdg v z bclabs }d {ao`cg `kd~a
;! nd{ }ea gau} sa`{ d{ zd" c} v`z ga~a{}eabazz bclabs }d n`bb
k`jl f{`mq`bbs }d `{dqgm }ea }`{fa}' ]ea Jdooc}}aa }ea{and{a
majcmam }e`} c} v`z `xx{dx{c`}a }d o`cg}`cg K`gl [`}a `}
8'1! `gm }ea zcya dn }ea `zza} xq{je`za x{df{`ooa `}
:;1 kcbbcdg cg d{ma{ }d oaa} }ea ;! JXC cgnb`}cdg }`{fa} d~a{
}ea oamcqo }a{o'
8
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58
088
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P: P0 P; P: P= P0 P; P: P= P0 P;P=
Xa{ jag}
Nak{q`{s Cg`}cdg [axd{}
O`s Cg`}cdg [axd{}
]ea O`s gm Nak{q`{s zv`}eaz cg }ecz je`{} {a ma{c~am n{do }ea z`oa mcz}{ckq}cdgz z Je`{} :`gm Je`{} 1'6 dg x`fa =0 {azxaj}c~abs' ]eas cgmcj`}a }ea zzazzam x{dk`kcbc}s dn cgnb`}cdg kacgf`kd~a }`{fa} cg a`je pq`{}a{ dn }ea nd{aj`z} xa{cdm' ]ea 1 xa{jag}`fa xdcg}z vcm}e dn }eazv`}eaz {anbaj}z }ea n`j} }e`} }ea{a cz qgja{}`cg}s kdq} }ea x{ajcza x{dk`kcbc}s cg gs fc~agpq`{}a{" kq} }eas zedqbm gd} ka cg}a{x{a}am z jdgncmagja cg}a{~`bz' ]ea m`zeam bcga cz m{`vg }}ea }vd/sa`{ xdcg} dn }ea O`s x{diaj}cdg' ]ea }vd/sa`{ xdcg} dn }ea Nak{q`{s x{diaj}cdg v`zdga pq`{}a{ a`{bca{'
Je`{} = @g cgmcj`}d{ dn }ea x{dk`kcbc}s }e`} cgnb`}cdg vcbb
ka `kd~a }ea }`{fa}
Je`{} : JXC cgnb`}cdg x{diaj}cdg k`zam dg o`{la}
cg}a{az} {`}a auxaj}`}cdgz `gm :;1 kcbbcdg `zza}
xq{je`zaz
;
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Xa{jag}`fa cgj{a`za cg x{cjaz dg ` sa`{ a`{bca{
,
]ea n`g je`{} maxcj}z }ea x{dk`kcbc}s dn ~`{cdqz dq}jdoaz nd{ JXC cgnb`}cdg cg }ea nq}q{a' C} e`zkaag jdgmc}cdgam dg }ea zzqox}cdg }e`} }ea z}djl dn xq{je`zam zza}z ncg`gjam ks }eaczzq`gja dn jag}{`b k`gl {aza{~az {ao`cgz `} :;1 kcbbcdg }e{dqfedq} }ea nd{aj`z} xa{cdm' Cnajdgdocj jc{jqoz}`gjaz cmag}cj`b }d }dm`sz va{a }d x{a~`cb dg 088 djj`zcdgz" }ea OXJz kaz}jdbbaj}c~a iqmfaoag} cz }e`} cgnb`}cdg cg gs x`{}cjqb`{ pq`{}a{ vdqbm bca vc}ecg }ea m`{laz}jag}{`b k`gm dg dgbs 08 dn }edza djj`zcdgz' ]ea n`g je`{} cz jdgz}{qj}am zd }e`} dq}}q{gz dncgnb`}cdg `{a `bzd auxaj}am }d bca vc}ecg a`je x`c{ dn }ea bcfe}a{ {am `{a`z dg 08 djj`zcdgz' Cg`gs x`{}cjqb`{ pq`{}a{ dn }ea nd{aj`z} xa{cdm" cgnb`}cdg cz }ea{and{a auxaj}am }d bca zdoavea{avc}ecg }ea n`g dg 38 dq} dn 088 djj`zcdgz' @gm dg }ea {ao`cgcgf 08 dq} dn 088 djj`zcdgzcgnb`}cdg j`g n`bb gsvea{a dq}zcma }ea {am {a` dn }ea n`g je`{}' D~a{ }ea nd{aj`z} xa{cdm" }ecze`z kaag maxcj}am ks }ea bcfe} f{as k`jlf{dqgm' Cg gs pq`{}a{ dn }ea nd{aj`z} xa{cdm" }eax{dk`kcbc}s o`zz cg a`je x`c{ dn cmag}cj`bbs jdbdq{am k`gmz zqoz }d 08!' ]ea mcz}{ckq}cdg dn}e`} 08! ka}vaag }ea k`gmz kabdv gm kd~a }ea jag}{`b x{diaj}cdg ~`{caz jjd{mcgf }d }eazlav } a`je pq`{}a{" vc}e }ea mcz}{ckq}cdg fc~ag ks }ea {`}cd dn }ea vcm}e dn }ea k`gmz kabdv}ea jag}{`b x{diaj}cdg }d }ea k`gmz `kd~a c}' Cg Je`{} :" }ea x{dk`kcbc}caz cg }ea qxxa{ k`gmz`{a }ea z`oa z }edza cg }ea bdva{ k`gmz } Sa`{ 0 kq} }eas {a zbcfe}bs b`{fa{ } Sa`{z ; gm :'Zaa }ea kdu dg x`faz =5=3 dn }ea O`s ;88 ; Cgnb`}cdg[axd{} nd{ nqbba{ mazj{cx}cdg dn }ea n`gje`{} gm ve`} c} {ax{azag}z' ]ea m`zeam bcga cz m{`vg } }ea }vd/sa`{ xdcg}'
-
7/31/2019 Bank of England inflation report - May 2012
11/56
0 Odgas `gm `zza} x{cjaz
Zaj}cdg 0 Odgas `gm `zza} x{cjaz 3
Zcgja }ea Nak{q`{s [axd{}" }ea OXJ e`z o`cg}`cgam K`gl [`}a
`} 8'1! `gm }ea zcya dn c}z x{df{`ooa dn `zza} xq{je`zaz `}
:;1 kcbbcdg %Zaj}cdg 0'0#' Zaj}cdg 0'; mczjqzzaz edv `zza}
xq{je`zaz o`s e`~a nnaj}am odgas f{dv}e' @b}edqfe }ea
Aq{dxa`g Jag}{`b K`glz %AJKz# }e{aa/sa`{ bdgfa{/}a{o
{ancg`gjcgf dxa{`}cdgz %B][Dz# kddz}am ncg`gjc`b o`{la}
zag}coag} cg a`{bs ;80;" }e`} annaj} e`z kafqg }d v`ga `gm
jdgja{gz `kdq} }ea cgmak}amgazz `gm jdoxa}c}c~agazz dn
za~a{`b aq{d/`{a` jdqg}{caz e`~a cg}agzcncam `f`cg cg {ajag}
vaalz %Zaj}cdg 0':#' ]ea B][Dz eabxam }d cox{d~a nqgmcgf
jdgmc}cdgz nd{ k`glz cg P0" kq} nqgmcgf jdz}z {ao`cgam ecfe'
Aba~`}am nqgmcgf jdz}z e`~a bam }d ` }cfe}agcgf cg j{amc}jdgmc}cdgz nd{ edqzaedbmz `gm jdox`gcaz %Zaj}cdg 0'=#'
0'0 Odga}`{s xdbcjs
]ea OXJ e`z o`cg}`cgam K`gl [`}a `} 8'1! zcgja }ea Nak{q`{s
[axd{}' @b}edqfe d~a{gcfe} cgmau zv`x {`}az zqffaz} }e`} }ea
xdcg} `} vecje K`gl [`}a cz auxaj}am }d cgj{a`za e`z kaag
k{dqfe} nd{v`{m o`{fcg`bbs d~a{ }ea x`z} }e{aa odg}ez" c} cz
gd} auxaj}am }d z}`{} {czcgf qg}cb ;80: %Je`{} 0'0#'
]ea OXJ e`z `bzd o`cg}`cgam }ea zcya dn c}z x{df{`ooa dn`zza} xq{je`zaz ncg`gjam ks }ea czzq`gja dn jag}{`b k`gl
{aza{~az `} :;1 kcbbcdg' @{dqgm }e{aa pq`{}a{z dn {azxdgmag}z
}d }ea [aq}a{z xdbb dn ajdgdocz}z }`lag dg : O`s mcm gd}
auxaj} `gs nq{}ea{ aux`gzcdg cg }ea zcya dn }ea x{df{`ooa'
@odgf }edza ved mcm auxaj} nq{}ea{ `zza} xq{je`zaz" }ea
oamc`g auxaj}`}cdg v`z nd{ `g `mmc}cdg`b 18 kcbbcdg cg }d}`b'
]ea {a`zdgz kaecgm }ea OXJz {ajag} xdbcjs majczcdgz `{a
mczjqzzam cg od{a ma}`cb cg }ea kdu dg x`fa 08'
]ea OXJz `zza} xq{je`zaz zaal }d kddz} `zza} x{cjaz `gm" d~a{
}coa" zqxxd{} gdocg`b zxagmcgf'%0# Cgc}c`bbs" cg~az}d{z zabb fcb}z
}d }ea K`gl `gm }e`} cgj{a`zaz }eac{ odgas edbmcgfz' Kq}
Zcgja }ea Nak{q`{s [axd{}" }ea OXJ e`z o`cg}`cgam K`gl [`}a `} 8'1! `gm }ea zcya dn c}zx{df{`ooa dn `zza} xq{je`zaz `} :;1 kcbbcdg' AJK dxa{`}cdgz a`zam z}{ cgz cg zd~a{acfg mak} `gmk`gl nqgmcgf o`{la}z" `b}edqfe oqje dn }ea cox{d~aoag} cg fd~a{goag} kdgm o`{la}zzqkzapqag}bs {a~a{zam `ocm {agavam jdgja{gz `kdq} zdoa aq{d/`{a` jdqg}{caz' Jdgmc}cdgz cg k`glnqgmcgf o`{la}z cox{d~am cg ;80; P0" kq} k`glz jdg}cgqam }d x`zz }e{dqfe x`z} cgj{a`zaz cgnqgmcgf jdz}z cg}d bd`g {`}az'
Je`{} 0'0 K`gl [`}a `gm nd{v`{m o`{la} cg}a{az} {`}az%`#
8
0
;
:
=
1
>
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0333 ;880 8: 81 86 83 00 0: 01
Xa{ jag}
K`gl [`}a
Nak{q`{s ;80; [axd{}
O`s ;80; [axd{}
Zdq{jaz9 K`gl dn Agfb`gm `gm Kbddoka{f'
%`# ]ea Nak{q`{s ;80; gm O`s ;80; jq{~az {a az}co`}am qzcgf d~a{gcfe} cgmau zv`x {`}az cg}ea ncn}aag vd{lcgf m`sz }d 5 Nak{q`{s ;80; gm 3 O`s ;80; {azxaj}c~abs'
%0# ]ea }{`gzoczzcdg oaje`gczo dn `zza} xq{je`zaz cz mazj{ckam cg od{a ma} cb cg }ea kdudg x`faz 0;0: dn }ea Gd~aoka{ ;800 [axd{}'
-
7/31/2019 Bank of England inflation report - May 2012
12/56
08 Cgnb`}cdg [axd{} O`s ;80;
Odga}`{s xdbcjs zcgja }ea Nak{q`{s [axd{}
]ea OXJz jag}{`b x{diaj}cdg cg }ea Nak{q`{s [axd{}" qgma{ }ea
`zzqox}cdgz }e`} K`gl [`}a ndbbdvam ` x`}e coxbcam ks o`{la}
cg}a{az} {`}az `gm }e`} }ea z}djl dn xq{je`zam `zza}z ncg`gjam
ks }ea czzq`gja dn jag}{`b k`gl {aza{~az {ao`cgam `}:;1 kcbbcdg" v`z }e`} f{dv}e v`z bclabs }d {ao`cg va`l cg }ea
ga`{ }a{o kand{a f{`mq`bbs z}{agf}eagcgf }ea{a`n}a{' Qgma{
}ea z`oa `zzqox}cdgz" }ea OXJ iqmfam }e`} cgnb`}cdg v`z
bclabs }d jdg}cgqa }d majbcga n{do c}z {ajag} xa`l mq{cgf ;80;'
Ga`{/}a{o fbdk`b `j}c~c}s cgmcj`}d{z {aba`zam d~a{ }ea odg}e
x{cd{ }d }ea OXJz oaa}cgf dg 65 O`{je e`m ma~abdxam
k{d`mbs `z auxaj}am `gm jdg}cgqam }d xdcg} }d ` f{`mq`b
{ajd~a{s cg f{dv}e' Cg }ea Qgc}am Lcgfmdo" ndbbdvcgf }ea
8';! n`bb cg FMX cg ;800 P=" kqzcgazz zq{~asz {ao`cgam
jdgzcz}ag} vc}e ` {azqox}cdg dn f{dv}e cg kd}e za{~cjaz `gmo`gqn`j}q{cgf cg }ea nc{z} pq`{}a{ dn ;80;'
JXC cgnb`}cdg e`m n`bbag }d :'>! cg I`gq`{s n{do c}z {ajag} xa`l
dn 1';! cg Zax}aoka{' ]e`} majbcga {anbaj}am" cg x`{}" }ea
annaj} dn }ea x{a~cdqz sa`{z {cza cg }ea z}`gm`{m {`}a dn @]
m{dxxcgf dq} dn }ea }vab~a/odg}e jdox`{czdg' ]ea{a v`z bazz
ja{}`cg}s `kdq} }ea au}ag} `gm x`ja `} vecje cgnb`}cdg vdqbm
n`bb zqkzapqag}bs" b}edqfe }ea Jdooc}}aaz jag}{`b ~cav v`z
}e`} cgnb`}cdg vdqbm n`bb nq{}ea{ `z }ea jdg}{ckq}cdgz dn aga{fs
`gm coxd{} x{cjaz jdg}cgqam }d v`ga `gm `z zx`{a j`x`jc}s
vacfeam dg v`faz `gm x{cjaz'
@ jba`{ {czl }d }ea cgnb`}cdg dq}bddl zq{{dqgmam }ea dq}bddl
nd{ j{qma dcb x{cjaz' ]ea x{cja dn K{ag} j{qma dcb e`m cgj{a`zam
ks `{dqgm 0;! zcgja }ea agm dn I`gq`{s" vecje `xxa`{am }d
e`~a kaag x{co`{cbs m{c~ag ks zqxxbs n`j}d{z' @gs vd{zagcgf
dn }ea qgma{bscgf }agzcdgz cg }ea Ocmmba A`z} jdqbm e`~a
zcfgcncj`g} coxbcj`}cdgz nd{ nq}q{a dcb x{cjaz `gm JXC cgnb`}cdg'
Mdoaz}cj`bbs" }ea{a v`z ` {czl }e`} b`kdq{ o`{la} zb`jl ocfe}
ka ` bazz xdva{nqb {az}{`cgcgf nd{ja dg a`{gcgfz f{dv}e `gm
cgnb`}cdg cg }ea nq}q{a' Za} `f`cgz} }e`}" }ea{a va{a zcfgcncj`g}
{czlz }d ajdgdocj `j}c~c}s }e`} ocfe} {azqb} cg cgnb`}cdg n`bbcgf
o`}a{c`bbs kabdv }ea }`{fa} cg }ea oamcqo }a{o" cg x`{}cjqb`{"{ab`}am }d agmq{cgf jdgja{gz `kdq} }ea cgmak}amgazz `gm
jdoxa}c}c~agazz dn zdoa aq{d/`{a` jdqg}{caz'
D~a{`bb" }ea Jdooc}}aa iqmfam }e`} }ea {ajag} m`}` e`m
a~db~am cg bcga vc}e c}z auxaj}`}cdgz `gm }e`} }ea{a e`m kaag
bc}}ba je`gfa }d }ea k`b`gja dn {czlz }d QL `j}c~c}s `gm cgnb`}cdg'
Odz} oaoka{z z`v gd {a`zdg }d je`gfa }ea z}`gja dn
odga}`{s xdbcjs' Kq} }vd oaoka{z jdg}cgqam }d }ecgl }e`} `
b`{fa{ odga}`{s z}coqbqz v`z v`{{`g}am }d {amqja }ea {czl
}e`} xa{zcz}ag}bs va`l f{dv}e vdqbm m`o`fa }ea nq}q{a zqxxbs
j`x`jc}s dn }ea ajdgdos' ]ea Jdooc}}aa ~d}am qg`gcodqzbs}d o`cg}`cg K`gl [`}a `} 8'1!' Za~ag oaoka{z ~d}am }d
jdg}cgqa vc}e }ea x{df{`ooa dn `zza} xq{je`zaz }d}`bbcgf
:;1 kcbbcdg' ]vd x{ana{{am }d cgj{a`za }ea zcya dn }ea
x{df{`ooa ks ;1 kcbbcdg'
@ea`m dn }ea OXJz oaa}cgf dg =1 @x{cb" }ea{a e`m kaag
mdvgzcma gavz dg }ea ga`{/}a{o x`}e dn FMX bclabs }d ka
xqkbczeam ks }ea DGZ' ]ea{a e`m kaag qgauxaj}am n`bbz cg }eaDGZz oa`zq{az dn dq}xq} cg o`gqn`j}q{cgf gm" cg x`{}cjqb`{"
jdgz}{qj}cdg' C} v`z xdzzckba }e`} }ea DGZz x{abcocg`{s
az}co`}a nd{ FMX jdqbm {ajd{m ` n`bb cg `ff{af`}a dq}xq}' Kq} `
vcma {`gfa dn zq{~as cgmcj`}d{z xdcg}am }d ` odma{`}a {`}a dn
f{dv}e cg `j}c~c}s cg }ea nc{z} e`bn dn }ea sa`{ `gm qgma{bscgf
`ff{af`}a `j}c~c}s f{dv}e v`z bclabs" cn `gs}ecgf" }d e`~a
xcjlam qx zcgja }ea zajdgm e`bn dn ;800'
JXC cgnb`}cdg e`m n`bbag }d :'=! cg Nak{q`{s' Kq} }ea n`bb zcgja
Zax}aoka{ e`m kaag zbcfe}bs bazz }e`g }ea Jdooc}}aa e`m
auxaj}am' ]ea{a v`z ` {czl }e`} cgnb`}cdg vdqbm n`bb bazz {`xcmbscg }ea ga`{ }a{o }e`g `g}cjcx`}am cg }ea Nak{q`{s [axd{}'
[ajag} {czaz cg dcb `gm f`z x{cjaz `gm }ea `mmc}cdg`b cgj{a`za cg
mq}caz `ggdqgjam cg }ea Kqmfa} vdqbm xq} qxv`{m x{azzq{a dg
cgnb`}cdg' Zdoa z}`}cz}cj`b x{diaj}cdgz va{a xdcg}cgf }d ` x`}e
nd{ JXC cgnb`}cdg cg }ea jdocgf odg}ez zdoave`} `kd~a }ea
jag}{`b x`}e jdg}`cgam cg }ea Nak{q`{s [axd{}'
]ea zxaam `} vecje cgnb`}cdg vdqbm {a}q{g }dv`{mz }`{fa}
jdqbm gd} ka iqmfam vc}e `gs x{ajczcdg `gm }ea{a va{a {czlz dg
kd}e zcmaz' ]d }ea qxzcma" aba~`}am cgnb`}cdg ocfe} ka od{a
xa{zcz}ag} }e`g }ea Jdooc}}aa auxaj}am cn }ea{a va{a nq{}ea{
zedjlz }d dcb d{ d}ea{ jdoodmc}s x{cjaz d{ cn }ea{a v`z f{a`}a{
x`zz/}e{dqfe dn au}a{g`b x{cja x{azzq{az }d jdgzqoa{ x{cjaz'
Mdoaz}cj`bbs" jdox`gcaz jdqbm zaal }d {akqcbm o`{fcgz od{a
`ff{azzc~abs }e`g `g}cjcx`}am' ]d }ea mdvgzcma" }ea {czl v`z
}e`} mao`gm vdqbm gd} ka z}{dgf agdqfe }d `kzd{k }ea
jdgzcma{`kba o`{fcg dn zx`{a j`x`jc}s cg }ea ajdgdos"
azxajc`bbs fc~ag }e`} }ea{a v`z ` {czl }e`} kqzcgazz `gm
edqzaedbm zag}coag} jdqbm ka nq{}ea{ mag}am ac}ea{ ks oamc`
{axd{}z dn }ea ajdgdos {a/ag}a{cgf {ajazzcdg d{ ks
ma}a{cd{`}cdg cg }ea zc}q`}cdg cg }ea aq{d `{a`'
Vecba }ea gavz `kdq} }ea ga`{/}a{o x`}e nd{ cgnb`}cdg v`zqgvabjdoa" nd{ odz} oaoka{z }ea{a v`z bc}}ba zdbcm
a~cmagja sa} }e`} }ea k`b`gja dn {czlz }d cgnb`}cdg cg }ea
oamcqo }a{o e`m je`gfam' Acfe} oaoka{z dn }ea Jdooc}}aa
~d}am }d jdg}cgqa vc}e }ea :;1 kcbbcdg `zza} xq{je`za
x{df{`ooa `gm o`cg}`cg K`gl [`}a `} 8'1!' Dga oaoka{
x{ana{{am }d cgj{a`za }ea zcya dn }ea `zza} xq{je`za x{df{`ooa
ks ` nq{}ea{ ;1 kcbbcdg" `b}edqfe }ea majczcdg v`z ncgabs
k`b`gjam'
@} c}z oaa}cgf dg 308 O`s" }ea Jdooc}}aa ~d}am }d o`cg}`cg
K`gl [`}a `} 8'1!' ]ea Jdooc}}aa `bzd ~d}am }d o`cg}`cg }eaz}djl dn `zza} xq{je`zaz ncg`gjam ks }ea czzq`gja dn jag}{`b
k`gl {aza{~az `} :;1 kcbbcdg'
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Zaj}cdg 0 Odgas `gm `zza} x{cjaz 00
cg~az}d{z `{a bclabs }eag }d {acg~az} }ea x{djaamz cg d}ea{ `zza}z"
zqje `z apqc}caz d{ jd{xd{`}a kdgmz" xq}}cgf qxv`{m x{azzq{a dg
}ea x{cjaz dn }edza `zza}z' ]e`} {amqjaz kd{{dvcgf jdz}z `gm
o`laz c} a`zca{ nd{ jdox`gcaz }d {`cza nqgmz cg }ea j`xc}`b
o`{la}z' Kq} o`gs d}ea{ n`j}d{z `bzd `nnaj} `zza} x{cjaz"
o`lcgf c} mcnncjqb} }d czdb`}a }ea x{ajcza cox`j} dn }ea fcb}xq{je`zaz'
0'; Odgas
K{d`m odgas f{dv}e e`z kaag ~db`}cba cg {ajag} pq`{}a{z"
o`cgbs {anbaj}cgf ze`{x od~aoag}z cg }ea odgas edbmcgfz dn
gdg/cg}a{oamc`}a d}ea{ ncg`gjc`b jd{xd{`}cdgz %Je {} 0';#' X`{}
dn }e`} ~db`}cbc}s {anbaj}z b`{fa cg}{`f{dqx }{`gzna{z dn nqgmcgf ks
zdoa ncg`gjc`b cgz}c}q}cdgz `} }ea agm dn ;800 }e`} {amqjam
odgas f{dv}e cg P=' Edqzaedbmz jdg}{ckq}cdg }d k{d`m
odgas f{dv}e xcjlam qx zbcfe}bs cg ;80; P0 }d c}z ecfeaz} ba~abzcgja ;885 P;' ]ea jdg}{ckq}cdg dn x{c~`}a gdg/ncg`gjc`b
jd{xd{`}cdgz %XGNJz# odgas v`z zcocb`{ }d c}z `~a{`fa d~a{
}ea x`z} }e{aa sa`{z'
]ea OXJz fcb} xq{je`zaz cg P= `gm P0 va{a `zzdjc`}am vc}e `
{amqj}cdg cg }ea fcb} edbmcgfz dn }ea gdg/k`gl x{c~`}a zaj}d{
%]`kba 0'@#' ]e`} zedqbm e`~a kddz}am }eac{ odgas edbmcgfz'
Kq} c} cz e`{m }d ka zq{a ve`} vdqbm e`~a e`xxagam cg }ea
`kzagja dn }ea OXJz `zza} xq{je`zaz' Nd{ cgz}`gja" zdoa
cg~az}d{z o`s d}ea{vcza e`~a qzam }eac{ maxdzc}z }d kqs fcb}z" `z
}eas mcm d~a{ }ea x{ajamcgf sa`{' @z ` jdgzapqagja" }ea cox`j}
dn }ea OXJz fcb} xq{je`zaz dg odgas cz gajazz`{cbs qgja{}`cg'
]ea d~a{`bb cgj{a`za cg }ea z}djl dn odgas zcgja `zza} xq{je`zaz
va{a {az}`{}am cg Dj}dka{ e`z kaag zo`bba{ }e`g }ea ~`bqa dn
fcb}z xq{je`zam ks }ea K`gl' K{d`m odgas cgj{a`zam ks dgbs
03 kcbbcdg d~a{ P= `gm P0" vecba }ea K`gl xq{je`zam
081 kcbbcdg dn fcb}z' ]ea{a `{a gqoka{ dn auxb`g`}cdgz `z }d
ves odgas f{dv}e v`z zd va`l' Nc{z}" }ea OXJz `zza}
xq{je`zaz e`~a jdcgjcmam vc}e k`glz" `z vabb `z }ea gdg/k`gl
x{c~`}a zaj}d{" edbmcgf nava{ fcb}z %]`kba 0'@#' Cn k`glz zabb fcb}z
}d }ea K`gl `gm zcoxbs {a}`cg }ea x{djaamz }eag }e`} mdaz gd}
`mm }d }ea odgas zqxxbs9 {`}ea{" }ea{a cz iqz} ` je`gfa cg }eajdoxdzc}cdg dn k`glz `zza}z' Zajdgm" odgas f{dv}e jdqbm
e`~a kaag va`la{ }e`g ocfe} e`~a kaag auxaj}am fc~ag }ea
`odqg} dn `zza} xq{je`zaz kaj`qza dn ` je`gfa cg }ea
kae`~cdq{ dn gdg/{azcmag}z' Gdg/{azcmag}z z}a{bcgf maxdzc}z"
vecje `{a gd} oa`zq{am `z odgas" e`~a {czag {ajag}bs" vecje
jdqbm ka kaj`qza }eas e`~a kdqfe} nava{ fcb}z }e`g }eas vdqbm
e`~a mdga cg }ea `kzagja dn }ea OXJz `zza} xq{je`zaz' ]ec{m"
jdox`gcaz czzqcgf kdgmz `gm qzcgf }ea x{djaamz }d x`s mdvg
k`gl mak} %Zaj}cdg 0'=# vcbb `bzd e`~a max{azzam odgas f{dv}e'
]ea coxbcj`}cdgz dn }edza mcnna{ag} auxb`g`}cdgz nd{ va`l
odgas f{dv}e ~`{s" kq} }eas gaam gd} coxbs }e`} }ea
OXJz `zza} xq{je`zaz `{a bazz annaj}c~a' Nd{ au`oxba" cn
gdg/{azcmag}z a~ag}q`bbs {acg~az} }eac{ `mmc}cdg`b z}a{bcgf
maxdzc}z cg d}ea{ z}a{bcgf `zza}z" }e`} vdqbm e`~a }ea z`oa
]`kba 0'@ Pq`{}a{bs je`gfaz cg fcb} edbmcgfz ks zaj}d{%`#
kcbbcdgz
@~a{`faz
;883 P0 ;808 P;;808 P0 ;800 P: ;800 P= ;80; P0
K`gl dn Agfb`gm%k# =8 8 10 1=
Gdg/k`gl x{c~`}a zaj}d{ /> 08 /;3 /;6
K`glz gm kqcbmcgf zdjca}caz > 08 /00 /=
Gdg/{azcmag}z 3 0= 05 :
Z`baz ks Mak} O`g`faoag} Dnncja%j# =3 := :8 ;>
Zdq{jaz9 K`gl dn Agfb`gm gm Mak} O`g`faoag} Dnncja'
%`# Gdg za`zdg bbs miqz}am'%k# Je`gfaz cg }ea K`gl dn Agfb`gmz z}a{bcgf edbmcgfz dn `bb zajq{c}caz czzqam ks }ea xqkbcj zaj}d{'%j# Ga} czzq`gja ks }ea Mak} O`g`faoag} Dnncja'
Je`{} 0'; Jdg}{ckq}cdgz }d `ggq`bczam pq`{}a{bs f{dv}ecg k{d`m odgas%`#
>
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XGNJz
Gdg/cg}a{oamc`}a DNJz
]d}`b %xa{ jag}#%k#Xa{jag}`fa xdcg}z
,
%`# O= f{dv}e aujbqmcgf cg}a{oamc`}a d}ea{ ncg`gjc b jd{xd{`}cdgz %DNJz#' Cg}a{oamc`}a DNJz`{a9 od{}f`fa `gm edqzcgf j{amc} jd{xd{`}cdgz< gdg/k`gl j{amc} f{`g}d{z< k`gl edbmcgfjdox`gcaz< zajq{c}cz`}cdg zxajc`b xq{xdza ~aecjbaz< `gm d}ea{ `j}c~c}caz `qucbc`{s }d ncg`gjc bcg}a{oamc`}cdg' Cg mmc}cdg }d }ea maxdzc}z dn }eaza nc~a }sxaz dn DNJz" z}a{bcgf maxdzc}z`{czcgf n{do }{`gz`j}cdgz ka}vaag k`glz d{ kqcbmcgf zdjca}caz gm d}ea{ ncg`gjc`bcg}a{oamc`{caz kabdgfcgf }d }ea z`oa ncg`gjc`b f{dqx {a aujbqmam n{do }ecz oa`zq{a dnk{d`m odgas'
%k# O`s gd} apq`b }ea zqo dn c}z jdoxdgag}z mqa }d }ea oa}edm dn j`bjqb`}cdg'
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0; Cgnb`}cdg [axd{} O`s ;80;
annaj} `z cn }ea QL gdg/k`gl x{c~`}a zaj}d{ e`m kqcb} qx
maxdzc}z `gm }eag kdqfe} }edza `zza}z'
0': Ncg`gjc`b o`{la}z
Ncg`gjc`b o`{la} zag}coag} v`z kddz}am ks }ea AJKz
}e{aa/sa`{ B][Dz' ]edza dxa{`}cdgz" jdgmqj}am cg
Majaoka{ ;800 gm Nak{q`{s ;80;" a`zam z}{`cgz cg k`gl
nqgmcgf o`{la}z gm jdg}{ckq}am }d {czaz cg `zza} x{cjaz' Kq}
vc}e jdgja{gz `kdq} }ea cgmak}amgazz `gm jdoxa}c}c~agazz dn
za~a{`b aq{d/`{a` jdqg}{caz cg}agzcnscgf `f`cg od{a {ajag}bs"
zdoa dn }edza `zza} x{cja cgj{a`zaz e`~a qgvdqgm zcgja
O`{je'
Aq{d/`{a` fd~a{goag} kdgmz
Cg }ea {qg/qx }d }ea O`s [axd{}" fd~a{goag} kdgm scabmz cg
}ea aq{d/`{a` xa{cxea{s jdqg}{caz va{a kabdv }eac{ xa`lz{a`jeam cg }ea zajdgm e`bn dn ;800 %Je`{} 0':#' O`{la}
jdg}`j}z zqffaz} }e`} }edza n`bbz b`{fabs {anbaj}am }ea B][Dz
kaj`qza }eas {amqjam }ea bclabceddm }e`} ~qbga{`kba k`glz cg
}edza jdqg}{caz vdqbm {apqc{a `mmc}cdg`b fd~a{goag} zqxxd{}'
Cg `mmc}cdg" zdoa k`glz cg C}`bs `gm Zx`cg va{a {axd{}am }d
e`~a cg~az}am nqgmz {`czam n{do }ea B][Dz cg mdoaz}cj
zd~a{acfg mak}'
Gdga}eabazz" zd~a{acfg kdgm zx{a`mz d~a{ Fa{o`g
fd~a{goag} kdgm scabmz e`~a {ao`cgam aba~`}am cg }ea
aq{d/`{a` xa{cxea{s jdqg}{caz" `gm Zx`gcze `gm C}`bc`g zx{a`mze`~a {czag `f`cg zcgja O`{je %Je`{} 0':#' Aba~`}am zx{a`mz
{anbaj} jdg}cgqcgf jdgja{gz `kdq} }ea cgmak}amgazz `gm
jdoxa}c}c~agazz dn }eaza jdqg}{caz' F{aal `gm Xd{}qfqaza
zx{a`mz {ao`cg x`{}cjqb`{bs ecfe' @gm }ea {ajag} cgj{a`zaz cg
Zx`gcze `gm C}`bc`g zx{a`mz jdqbm {anbaj} ` f{dvcgf {ajdfgc}cdg
}e`} }ea B][Dz vcbb gd} {azdb~a }ea nqgm`oag}`b je`bbagfaz
n`jcgf }ea aq{d/`{a` xa{cxea{s jdqg}{caz'
QL fd~a{goag} kdgmz
Fcb} scabmz {ao`cg jbdza }d ecz}d{cj`bbs bdv ba~abz %Je`{} 0'=#'
Mdoaz}cj `gm cg}a{g`}cdg`b n`j}d{z `{a kd}e bclabs }d e`~a
max{azzam scabmz' Mdoaz}cj`bbs" }ea OXJz `zza} xq{je`zax{df{`ooa `gm auxaj}`}cdgz }e`} dnncjc`b cg}a{az} {`}az vcbb
{ao`cg bdv %Zaj}cdg 0'0# e`~a {amqjam fcb} scabmz' ]ea jq{{ag}
ba~ab dn scabmz jdqbm `bzd {anbaj} auxaj}`}cdgz dn va`l dq}xq}
f{dv}e cg }ea bdgfa{ }a{o9 }ea coxbcam jdz} dn fd~a{goag}
kd{{dvcgf nd{ nc~a sa`{z cg nc~a sa`{z }coa cz `bzd jbdza }d
ecz}d{cj`bbs bdv ba~abz %Je {} 0'=#" b`{fabs {anbaj}cgf bdv {a`b
{`}az' Cg}a{g`}cdg`bbs" xa{zcz}ag} jdgja{gz `kdq} aq{d/`{a`
xa{cxea{s jdqg}{caz e`~a jdg}{ckq}am }d z}{dgf mao`gm nd{
zd~a{acfg kdgmz cgjbqmcgf }edza dn }ea Qgc}am Lcgfmdo
}e`} `{a xa{jac~am `z od{a bcpqcm d{ j`{{scgf bc}}ba j{amc} {czl'
]e`} cz `bzd bclabs }d e`~a jdg}{ckq}am }d }ea jq{{ag} max{azzamba~ab dn fcb} scabmz'
]ea 18 kcbbcdg aux`gzcdg dn }ea OXJz `zza} xq{je`za
x{df{`ooa `ggdqgjam dg 3 Nak{q`{s v`z vcmabs `g}cjcx`}am
Je`{} 0': Zabaj}am Aq{dxa`g }ag/sa`{ zxd} fd~a{goag}kdgm scabmz%`#
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Qgc}am Lcgfmdo
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Zdq{ja9 Kbddoka{f'
%`# Scabmz }d o`}q{c}s dg }ag/sa`{ kagjeo`{l fd~a{goag} kdgmz" qgbazz d}ea{vcza z}`}am'
%k# Scabm }d o`}q{c}s dg }ea gcga/sa`{ kagjeo`{l fd~a{goag} kdgm n{do 0; Dj}dka{ ;800'
Je`{} 0'= QL nc~a/sa`{ `gm }ag/sa`{ gdocg`b zxd} fcb}scabmz `gm nc~a/sa`{ scabmz" nc~a sa`{z nd{v`{m%`#
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Nak{q`{s [axd{}Nc~a/sa`{ scabmz"ff~a sa`{z nd{v`{m%k#
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Zdq{jaz9 Kbddoka{f `gm K`gl j`bjqb`}cdgz'
%`# Ya{d/jdqxdg scabm'%k# Ma{c~am n{do }ea K`glz fd~a{goag} bc`kcbc}s jq{~az'
Je`{} 0'1 Je`gfaz cg fcb} scabmz `gm auxaj}am K`gl fcb}xq{je`zaz `{dqgm 3 Nak{q`{s `zza} xq{je`za `ggdqgjaoag}
8 08 ;8 :8 =8 18
Sa`{z }d o`}q{c}s
K`zcz xdcg}zXa{jag}`fa dn dq}z}`gmcgf n{aa d`} dn bdj`b fcb}z%`#
Je`gfa cg fcb} scabmz%k#
%{cfe}/e`gm zj`ba#
Az}co`}am je`gfa cg auxaj}amK`gl xq{je`zaz dn bdj`b fcb}z%j#
%ban}/e`gm zj`ba" vecje e`z kaag cg~a{}am#
01
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Zdq{jaz9 K`gl dn Agfb`gm" Mak} O`g`faoag} Dnncja %MOD#" [aq}a{z gm K`gl j`bjqb`}cdgz'
%`# ]ea dq}z}`gmcgf }d}`b n{aa nbd`} cz j`bjqb`}am `z }ea }d}`b `odqg} dn jdg~ag}cdg b fcb}z cgczzqa dg 3 Nak{q`{s ;80;" xbqz x{diaj}am MOD czzq`gja d~a{ }ea gau} zcu odg}ez" bazz fcb}z
eabm ks }ea QL Fd~a{goag} gm }ea K`gl dn Agfb`gm' Fcb}z {a mancgam z bdj`b cn }eas n`bbvc}ecg }ea z`oa zafoag} dn }ea zaj}d{ 8: sa`{z" :6 sa`{z" 608 sa`{z" 08 01 sa`{z"01;1 sa`{z `gm f{a`}a{ }e g ;1 sa`{z'
%k# Scabmz }d o`}q{c}s' Je`gfa ka}vaag 5 `gm 08 Nak{q`{s ;80;'%j# ]ea je`gfa cg }d}`b auxaj}am K`gl xq{je`zaz cz az}co`}am qzcgf }ea [aq}a{z xdbbz dn
ajdgdocz}z }`lag dg 0 gm 3 Nak{q`{s ;80;' ]d}`b auxaj}am K`gl xq{je`zaz dg a`je m`}a {a`zzqoam }d ka zxbc} a~agbs j{dzz }ea o`}q{c}s zaj}d{z cg qza } }ea }coa gm" vc}ecg }e`}"a~agbs j{dzz abcfckba fcb}z %}edza nd{ vecje }ea K`gl mcm gd} edbm d~a{ 68! dn }ea n{aa nbd`}#'Nd{ a`je o`}q{c}s" }ea je`{} zedvz }ea az}co`}am je`gfa cg xq{je`zaz dn bb bdj`b fcb}z'
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Zaj}cdg 0 Odgas `gm `zza} x{cjaz 0:
ks o`{la} x`{}cjcx`g}z `gm cz }ea{and{a bclabs }d e`~a kaag
x{cjam cg}d fcb} scabmz cg `m~`gja' Jdgzcz}ag} vc}e }e`}" }ea{a
v`z bc}}ba mczja{g`kba annaj} dg fcb} scabmz" dg `~a{`fa"
ndbbdvcgf }ea ggdqgjaoag}'
@ je`gfa cg }ea o`}q{c}s z}{qj}q{a dn }ea fcb}z }d ka xq{je`zamks }ea OXJ v`z `bzd `ggdqgjam dg 3 Nak{q`{s' ]e`} je`gfa
o`ma }d {amqja }ea {czl dn qgmazc{`kba n{cj}cdgz cg fcb} o`{la}
nqgj}cdgcgf {czcgf n{do }ea jdgjag}{`}cdg dn }ea K`glz
edbmcgfz cg ja{}`cg o`}q{c}s zaj}d{z cg~db~am }ea K`gl
kqscgf od{a fcb}z `} zed{} o`}q{c}caz `gm nava{ `} bdgfa{
o`}q{c}caz' Zxajcncj`bbs" }ea K`gl od~am n{do xq{je`zcgf
fcb}z apq`bbs `j{dzz }e{aa zaj}d{z dn :08 sa`{z" 08;1 sa`{z
`gm f{a`}a{ }e`g ;1 sa`{z" }d kqscgf a~agbs `j{dzz zaj}d{z
dn :6 sa`{z" 601 sa`{z `gm f{a`}a{ }e`g 01 sa`{z' ]ea
gav o`}q{c}s zaj}d{z va{a }ea z`oa `z }edza qzam ks }ea
Mak} O`g`faoag} Dnncja'
Cg }ea }vd m`sz ndbbdvcgf }ea 3 Nak{q`{s `ggdqgjaoag}"
zed{}a{/}a{o fcb} scabmz nabb `gm bdgfa{/}a{o scabmz {dza
%Je {} 0'1#' @z }ea `miqz}oag} dn o`}q{c}s zaj}d{z v`z gd}
vcmabs auxaj}am ks ncg`gjc`b o`{la}z" }ea je`gfa cg }ea ze`xa
dn }ea scabm jq{~a ndbbdvcgf }ea `ggdqgjaoag} x{d~cmaz
nq{}ea{ a~cmagja }e`} `zza} xq{je`zaz `nnaj} fcb} scabmz'%0# C} cz
jdgzcz}ag} vc}e {ajag} `zza} xq{je`zaz ks }ea OXJ e`~cgf xq}
mdvgv`{m x{azzq{a dg fcb} scabmz" a~ag }edqfe `g}cjcx`}cdg
annaj}z o`la c} mcnncjqb} }d cmag}cns au`j}bs veag }edza je`gfaz
djjq{{am'
Apqc}caz `gm jd{xd{`}a kdgmz
Cg }ea {qg/qx }d }ea O`s [axd{}" QL apqc}s x{cjaz va{a zcocb`{
}d }eac{ ba~ab `} }ea }coa dn }ea Nak{q`{s [axd{}" kq} e`m {czag
ks d~a{ 08! zcgja }ea OXJ {az}`{}am `zza} xq{je`zaz cg
Dj}dka{ %Je`{} 0'>#' Apqc}s x{cjaz e`m cgj{a`zam d~a{ }ea
x`z} }e{aa odg}ez cg }ea Qgc}am Z}`}az" xdzzckbs kaj`qza dn
zdoa ka}}a{/}e`g/auxaj}am o`j{dajdgdocj m`}` }ea{a'
Kdgm zx{a`mz gm scabmz nd{ QL gdg/ncg`gjc`b cg~az}oag}/f{`ma
jdox`gcaz va{a zcocb`{ cg }ea {qg/qx }d }ea O`s [axd{} }d
}edza `} }ea }coa dn }ea Nak{q`{s [axd{} %Je`{} 0'6#'Jdgmc}cdgz cg jd{xd{`}a kdgm o`{la}z e`~a cox{d~am zcgja }ea
}q{g dn }ea sa`{" vecje o`s x`{}bs {anbaj} }ea OXJz `zza}
xq{je`za x{df{`ooa' C} o`s `bzd {anbaj} ` xdz}/B][Dz
cox{d~aoag} cg zag}coag}" `b}edqfe zdoa dn }e`}
cox{d~aoag} e`z qgvdqgm zcgja O`{je' N`bbz cg }ea jdz} dn
{`czcgf kdgm ncg`gja `{a bclabs }d e`~a zqxxd{}am czzq`gja cg
P0" vecje v`z {dkqz} %Zaj}cdg 0'=#'
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7/31/2019 Bank of England inflation report - May 2012
17/56
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18/56
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od{}f`fa mak} `gm qgzajq{am bd`gz %Je`{} 0'0=#' Vc}ecg
qgzajq{am bd`gz" }ea{a v`z dgbs odmaz} f{dv}e cg kd}e j{amc}
j`{m `gm d}ea{ qgzajq{am bd`gz" vecje cgjbqmaz z}qmag} bd`gz'
Mazxc}a }ea cgj{a`zaz cg od{}f`fa {`}az" }ea{a e`z kaag `
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;800 %Je`{} 0'01#' ]e`} cz bclabs" cg x`{}" }d {anbaj} zdoa
qgma{bscgf z}{agf}e cg mao`gm nd{ edqzcgf' Nd{ au`oxba" }ea
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kdbz}a{ mao`gm nd{ gavbs kqcb} x{dxa{}caz e`~a `bzd zqxxd{}am
`j}c~c}s' Dg }ea zqxxbs zcma" }ea @fag}z jdg}`j}z `bzd {axd{}am
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]ea {ajag} cgj{a`za cg edqzcgf o`{la} `j}c~c}s jdqbm `bzd ka
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%k# Pqd}am cg}a{az} {`}a dg ` 08"888 xa{zdg`b bd`g'%j# ]vd/sa`{ ncuam/{`}a od{}f`fa'%m# Za{caz cz dgbs `~`cb`kba dg ` jdgzcz}ag} k`zcz k`jl }d O`s ;885" `gm cz gd} xqkbczeam nd{
O`{je }d O`s ;883 `z nava{ }e`g }e{aa x{dmqj}z va{a dnna{am cg }e`} xa{cdm'%a# Dg od{}f`faz vc}e ` bd`g }d ~`bqa { }cd dn 61!'
http://www.bankofengland.co.uk/statistics/Pages/iadb/notesiadb/household_int.aspxhttp://www.bankofengland.co.uk/statistics/Pages/iadb/notesiadb/household_int.aspxhttp://www.bankofengland.co.uk/statistics/Pages/iadb/notesiadb/household_int.aspx -
7/31/2019 Bank of England inflation report - May 2012
19/56
[a`b mao`gm f{dv}e v`z va`l mq{cgf ;800 %]`kba ;'@#'
D~a{ }ea sa`{ }d P=" FMX cgj{a`zam ks dgbs 8'1!' ]ea x`}}a{g
dn f{dv}e mq{cgf }ea sa`{ v`z" edva~a{" ~db`}cba" dvcgf }d }ea
annaj}z dn dga/dnn n j}d{z" zqje `z }ea `mmc}cdg`b k`gl edbcm`s
`zzdjc`}am vc}e }ea {ds`b vammcgf cg @x{cb'
]ea va`lgazz cg {a`b j}c~c}s cg ;800 v`z x{amdocg`g}bs
`jjdqg}am nd{ ks mdoaz}cj mao`gm gm" vc}ecg }e`}" edqzaedbm
jdgzqox}cdg %Zaj}cdg ;'0#' Zqkmqam mdoaz}cj mao`gm f{dv}e
cz bclabs }d e`~a b`{fabs {anbaj}am mdoaz}cj ea`mvcgmz" zqje z
n`bbcgf edqzaedbm {a`b cgjdoaz" }cfe} j{amc} jdgmc}cdgz gm }ea
annaj}z dn }ea nczj`b jdgzdbcm`}cdg' Cg `mmc}cdg" a~ag}z cg }eaaq{d `{a` %Zaj}cdg ;';# o`s e`~a m`oxagam mdoaz}cj zxagmcgf
f{dv}e d~a{ }ea zajdgm e`bn dn }ea sa`{" nd{ au`oxba }e{dqfe
}eac{ annaj} dg kqzcgazz jdgncmagja'
Zqkmqam {a`b FMX f{dv}e cg ;800 v`z `zzdjc`}am vc}e `g
cgj{a`za cg gdocg`b FMX dn dgbs ;'5! d~a{ }ea sa`{ }d P=
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kand{a }ea ;885$83 {ajazzcdg' Odz} dn }ea {cza cg gdocg`b
zxagmcgf d~a{ ;800 v`z `jjdqg}am nd{ ks cgj{a`zaz cg }ea
x{cjaz dn fddmz `gm za{~cjaz" cg x`{} {anbaj}cgf }ea {cza cg ^@] `}
}ea z}`{} dn }e`} sa`{'
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cg P0 %Zaj}cdg :#' Edqzaedbm `gm kqzcgazz zxagmcgf f{dv}e cz
bclabs }d e`~a kaag zqkmqam' @gm auxd{} f{dv}e `xxa`{z }d
e`~a kaag m`oxagam ks jdg}cgqam va`lgazz cg aq{d/`{a`
`j}c~c}s'
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;808" vc}e jdgzqox}cdg n`bbcgf cg a`je dn }ea ndq{ pq`{}a{z }d
;800 P:' @b}edqfe jdgzqox}cdg cz az}co`}am }d e`~a {czag
odmaz}bs cg P= %]`kba ;'@#" }ea ba~ab dn zxagmcgf cg }e`}
pq`{}a{ z}ddm dgbs ` bc}}ba `kd~a c}z ;883 P; }{dqfe'
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dn vecje" kqzcgazz cg~az}oag} 0'; /;'3 8'3 /6'3 00'; ;'> /:':
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-
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20/56
05 Cgnb`}cdg [axd{} O`s ;80;
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zxagmcgf f{dv}e zcgja }ea zajdgm e`bn dn ;808 e`z kaag }ea
zqkz}`g}c`b zpqaaya cg edqzaedbm {a`b cgjdoaz' Edqzaedbm
{a`b xdz}/}`u cgjdoa nabb ks `{dqgm 0! ka}vaag ;808 P: `gm
;800 P= %Je {} ;';#" cg x`{} {anbaj}cgf {czaz cg ^@] `gm cg
aga{fs `gm coxd{} x{cjaz mq{cgf }e`} xa{cdm'
Cg `mmc}cdg }d }ea zpqaaya cg {a`b cgjdoaz" edqzaedbmz e`~a
n`jam d}ea{ zcfgcncj`g} `m~a{za zedjlz d~a{ }ea x`z} ndq{ sa`{z'
Nc{z}" }ea ;885$83 {ajazzcdg cz bclabs }d e`~a kaag `zzdjc`}am
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dn }ea {ajazzcdg `gm" x`{}cjqb`{bs nd{ }edza cg }ea xqkbcj zaj}d{"
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jdgzqox}cdg f{dv}e" cz bclabs }d ka od{a f{`mq`b }e`g
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-
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Zaj}cdg ; Mao`gm 03
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jdgncmagja faga{`bbs {ao`cg vabb kabdv }eac{ ecz}d{cj`b
`~a{`faz'
Mvabbcgfz cg~az}oag}X{c~`}a zaj}d{ mvabbcgfz cg~az}oag} xbqooa}am mq{cgf }ea;885$83 {ajazzcdg' Mazxc}a zdoa {ajd~a{s zcgja }eag" cg
;800 P= c} z}ddm `{dqgm :1! kabdv c}z x{a/{ajazzcdg xa`l'
]ea {ajag} cgj{a`za cg edqzcgf o`{la} `j}c~c}s %Zaj}cdg 0# o`s"
cn c} xa{zcz}z" ka `zzdjc`}am vc}e ` odmaz} cgj{a`za cg mvabbcgfz
cg~az}oag} vecje cgjbqmaz zxagmcgf dg za{~cjaz `zzdjc`}am
vc}e }ea z`ba `gm xq{je`za dn x{dxa{}s'%0#
Kqzcgazz zxagmcgfKqzcgazz cg~az}oag} nabb ze`{xbs mq{cgf }ea ;885$83 {ajazzcdg
`gm jdg}cgqam }d majbcga mq{cgf }ea cgc}c`b xe`za dn }ea
{ajd~a{s' Jdox`gcaz `{a bclabs }d e`~a {amqjam cg~az}oag} `z}ea dq}bddl nd{ mao`gm kaj`oa va`la{ `gm od{a qgja{}`cg"
`gm `z j{amc} jdgmc}cdgz }cfe}agam' @b}edqfe kqzcgazz
cg~az}oag} {ajd~a{am d~a{ }ea sa`{ }d ;800 P:" c} cz az}co`}am
}d e`~a n`bbag ks :':! cg P=" }`lcgf c} k`jl }d `{dqgm }ea
z`oa ba~ab `z `} }ea agm dn }ea {ajazzcdg'
]ea zqkmqam x`}e dn kqzcgazz cg~az}oag} {ab`}c~a }d FMX zcgja
}ea agm dn }ea ;885$83 {ajazzcdg bddlz k{d`mbs zcocb`{ }d c}z
x`}e ndbbdvcgf }ea {ajazzcdgz dn 0358$50 `gm 0338$30
%Je {} ;'=#' Dg `~a{`fa" }ea {`}cd dn {a`b kqzcgazz cg~az}oag}
}d FMX e`z {czag d~a{ }coa" `z ` f{`mq`b majbcga cg }ea {ab`}c~ax{cja dn j`xc}`b fddmz e`z agjdq{`fam jdox`gcaz }d qza od{a
j`xc}`b/cg}agzc~a oa}edmz dn x{dmqj}cdg' Kq} }ea {`}cd nabb
mq{cgf }ea {ajazzcdgz dn 0358$50" 0338$30 `gm ;885$83 `gm
majbcgam zdoave`} nq{}ea{ `n}a{ }ea {ajazzcdgz e`m agmam
x`{}cjqb`{bs cg }ea j`za dn }ea 0338z {ajazzcdg'
]ea xa{zcz}ag} va`lgazz cg kqzcgazz cg~az}oag} ndbbdvcgf }ea
agm dn {ajazzcdgz o`s {anbaj} }ea n`j} }e`} {a~a{zcgf
cg~az}oag} x{diaj}z cz dn}ag mcnncjqb} `gm jdz}bs" o`lcgf
jdox`gcaz {abqj}`g} }d cg~az} kand{a }ea {ajd~a{s cg mao`gm
e`z kajdoa ag}{agjeam' A~cmagja n{do JKC zq{~asz zqffaz}z
}e`} }e`} mdaz `jjdqg} nd{ zdoa dn }ea va`lgazz cg cg~az}oag}
ndbbdvcgf }ea ;885$83 {ajazzcdg9 }ea x{dxd{}cdg dn kqzcgazzaz
{axd{}cgf }e`} qgja{}`cg}s `kdq} mao`gm v`z bclabs }d cgeckc}
cg~az}oag} v`z faga{`bbs ecfea{ }e{dqfedq} ;808 `gm ;800
}e`g dg `~a{`fa cg }ea maj`ma kand{a }ea {ajazzcdg" azxajc`bbs
nd{ jdox`gcaz cg }ea jdgzqoa{" kqzcgazz `gm x{dnazzcdg`b
za{~cjaz zaj}d{z %]`kba ;'K#' Kqzcgazzaz qgja{}`cg}s `kdq}
mao`gm cz bclabs }d e`~a kaag jdoxdqgmam ks jdgja{gz `kdq}
}ea dq}bddl nd{ }ea aq{d `{a` `gm" cg x`{}cjqb`{" }ea {czl }e`}
}ea gajazz`{s `miqz}oag}z cg za~a{`b oaoka{ jdqg}{caz o`s
{azqb} cg ` mczd{ma{bs dq}jdoa `gm zqkz}`g}c`bbs va`la{ fbdk`b
mao`gm %Zaj}cdg ;';#'
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Nc{z} gcga pq`{}a{z dn {ajd~a{caz%j#[ajazzcdgz%k#
Kqzcgazz cg~az}oag} }d FMX {`}cdXa{ jag}
8
%`# [`}cd dn }ea je`cgam/~dbqoa oa`zq{a dn kqzcgazz cg~az}oag} }d }ea je`cgam/~dbqoaoa`zq{a dn FMX } o`{la} x{cjaz' ]ea jq{{ag} ~cg}`fa dn kqzcgazz cg~az}oag} m`}` cz gd}`~`cb`kba x{cd{ }d 0336P0' Kqzcgazz cg~az}oag} x{cd{ }d }e`} m`}a e`z kaag `zzqoam }d f{dvcg bcga vc}e }ea ;800 P0 G`}cdg`b @jjdqg}z m`} za}'
%k# [ajazzcdgz `{a mancgam z cg Je`{} ;':'%j# [ajd~a{caz n{do {ajazzcdgz `{a `zzqoam }d kafcg cg }ea pq`{}a{ }e`} ndbbdvz }ea }{dqfe cg
dq}xq}'
Je`{} ;'= Kqzcgazz cg~az}oag} }d FMX {`}cd%`#
]`kba ;'K Qgja{}`cg}s `kdq} mao`gm `z ` jdgz}{`cg} dgcg~az}oag}%`#
Xa{jag}`faz dn {azxdgmag}z
@~a{`faz ;800 ;80;
0333 ;885 ;808 ;800 P: P= P0;886 83 E0
O`gqn`j}q{cgf 10 16 18 1; 11 >0 =>
Jdgzqoa{" kqzcgazz gmx{dnazzcdg`b za{~cjaz 10 >> >= >= 15 >6 11
Ncg`gjc`b za{~cjaz =5 >: 1> => 18 1= 11
Zdq{jaz9 JKC `gm JKC$XvJ'
%`# Jdox`gcaz {a zlam }d {axd{} vea}ea{ d{ gd} qgja{}`cg}s kdq} mao`gm cz bclabs }d bcoc} j`xc}`bauxagmc}q{a q}ed{cz`}cdgz d~a{ }ea gau} }vab~a odg}ez'
%0# ]ea bcglz ka}vaag edqzcgf o`{la} `j}c~c}s gm mvabbcgfz cg~az}oag} `{a mczjqzzam cgod{a ma}`cb cg }ea kdu dg x`fa ;8 dn }ea Nak{q`{s ;80; [axd{}'
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;8 Cgnb`}cdg [axd{} O`s ;80;
D}ea{ n`j}d{z `{a `bzd bclabs }d e`~a cgnbqagjam kqzcgazz
cg~az}oag} zcgja }ea agm dn }ea ;885$83 {ajazzcdg' Cg
x`{}cjqb`{" j{amc} jdgmc}cdgz n`jcgf b`{fa{ kqzcgazzaz a`zam
mq{cgf ;808 `gm }ea nc{z} }e{aa pq`{}a{z dn ;800 %Zaj}cdg 0#"
vecje zedqbm e`~a x{d~cmam zdoa zqxxd{} }d cg~az}oag}' Kq}
j{amc} jdgmc}cdgz e`~a }cfe}agam zdoave`} cg {ajag} odg}ez'
Kqzcgazz cg~az}oag} cz bclabs }d e`~a xcjlam qx cg P0' Oqje dn
}ea n`bb cg P= v`z `jjdqg}am nd{ ks cg~az}oag} cg }ea
abaj}{cjc}s" f`z `gm v`}a{ zaj}d{" vecje }agmz }d ka ~db`}cba `gm
zd o`s e`~a {akdqgmam cg P0' Cg `mmc}cdg" }ea x{dxd{}cdg dn
jdox`gcaz {axd{}cgf }e`} mao`gm qgja{}`cg}s v`z bclabs }d
edbm k`jl cg~az}oag} nabb %]`kba ;'K#' Zq{~as cgmcj`}d{z dn
cg~az}oag} cg}ag}cdgz xdcg}" dg `~a{`fa" }d odmaz} cgj{a`zaz
cg j`xc}`b zxagmcgf d~a{ ;80; %]`kba ;'J#' ]ea oamcqo/}a{o
dq}bddl nd{ kqzcgazz cg~az}oag} cz mczjqzzam cg Zaj}cdg 1'
Kqzcgazzaz zxagmcgf dg z}djlz {amqjam dq}xq} f{dv}e cg P=
%]`kba ;'@#9 `b}edqfe jdox`gcaz jdg}cgqam }d cgj{a`za }eac{
z}djl ba~abz" }eas mcm zd ks bazz }e`g cg }ea x{a~cdqz pq`{}a{'
Veag }ea {`}a `} vecje jdox`gcaz kqcbm qx z}djlz z}`kcbczaz"
}ea m{`f dg FMX f{dv}e n{do z}djlkqcbmcgf vcbb mczzcx`}a'
Fd~a{goag} zxagmcgf@ zqkz}`g}c`b nczj`b jdgzdbcm`}cdg cz qgma{ v`s' ]ea OXJz
x{diaj}cdgz `{a jdgmc}cdgam dg }ea nczj`b xb`gz za} dq} cg }ea
;80; Kqmfa}" zqxxbaoag}am ks }ea jdoxdzc}cdg dn gdocg`b
fd~a{goag} zxagmcgf qgma{bscgf }ea Dnncja nd{ Kqmfa}
[azxdgzckcbc}sz %DK[z# zzdjc`}am Ajdgdocj `gm Nczj`bDq}bddl' ]ea annaj}z dg mao`gm dn }ea gav xdbcjs oa`zq{az
`ggdqgjam cg }ea ;80; Kqmfa} va{a x{diaj}am }d ka zo`bb `gm
{dqfebs dnnza}}cgf'
]ea nczj`b mancjc} jdg}cgqam }d g`{{dv d~a{ }ea x`z} sa`{'
Xqkbcj zaj}d{ ga} kd{{dvcgf nabb }d 5':! dn gdocg`b FMX cg
;800$0; n{do ` xa`l dn 00';! cg ;883$08 %Je {} ;'1#' ]ea
DK[z b`}az} x{diaj}cdgz zqffaz} }e`} }ea mancjc} vcbb g`{{dv
nq{}ea{ cg }ea gau} nav sa`{z" `b}edqfe }ea n`bb cg ;80;$0: cz
auxaj}am }d ka {ab`}c~abs odmaz} %Je {} ;'1#'
@b}edqfe }ea nczj`b jdgzdbcm`}cdg cz bclabs }d {azqb} cg jdg}cgqam
va`lgazz cg gdocg`b fd~a{goag} jdgzqox}cdg f{dv}e d~a{
}ea gau} nav sa`{z" oa`zq{am {a`b fd~a{goag} jdgzqox}cdg
f{dv}e o`s ka bazz o`{lambs va`l" kaj`qza dn }ea v`s cg
vecje }ea ~dbqoa dn fd~a{goag} zxagmcgf cz az}co`}am' ]ea
kdu dg x`fa ;0 x{d~cmaz od{a ma}`cbz'
;'; Au}a{g`b mao`gm `gm QL }{`ma
Fbdk`b mao`gm f{dv}e zbdvam cg }ea zajdgm e`bn dn ;800'
]e`} odz}bs {anbaj}am ` va`lagcgf cg aq{d/`{a` dq}xq} f{dv}e"
`b}edqfe }ea x`ja dn ndq{/pq`{}a{ f{dv}e `bzd `xxa`{am }d
zbdv cg zdoa aoa{fcgf ajdgdocaz' Cg jdg}{`z}" QZ dq}xq}
f{dv}e {ao`cgam {a`zdg`kbs {dkqz}' Zq{~as cgmcj`}d{z zqffaz}
}e`} fbdk`b `j}c~c}s jdg}cgqam }d aux`gm `} ` odma{`}a {`}a cg
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Xa{ jag} dn gdocg`b FMX
,
Zdq{jaz9 Dnncja nd{ Kqmfa} [azxdgzckcbc}s %DK[# gm DGZ'
%`# Oa`zq{az aujbqma }ea }aoxd{`{s annaj}z dn ncg gjc`b cg}a{~ag}cdgz gm }ea x{diaj}am annaj} dn}ea }{`gzna{ dn }ea [ds`b O`cbz aucz}cgf xagzcdg bc`kcbc}caz gm ze`{a dn c}z xagzcdg nqgm`zza}z cg}d xqkbcj zaj}d{ dvga{zecx' Dkza{~`}cdgz }d }ea {cfe} dn }ea ~a{}cj`b bcga {ax{diaj}cdgz' X{diaj}cdgz nd{ xqkbcj zaj}d{ ga} kd{{dvcgf jdoa n{do }ea DK[z O`{je ;80;Ajdgdocj gm Nczj`b Dq}bddl' Dkza{~`}cdgz x{cd{ }d ;80;$0: `{a DGZ m`}`'
]`kba ;'J Zq{~asz dn cg~az}oag} cg}ag}cdgz
@~a{`faz ;800 ;80;
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O`gqn`j}q{cgf
@fag}z zjd{az%`# 8'0 /0'6 8'3 ;': 0'6 0'0 0'=
KJJ%k# 00 /0: 3 00 5 1 06
JKC%j# /01 /;6 > /1 /3 /> 0:
Za{~cjaz
@fag}z zjd{az%`# 0'5 /0'1 0'; 0'5 0'= 8'1 8'6
KJJ%k# 0> /5 /; : 0 ; 1
JKC%j#%m# /> /;3 /5 = /6 /08 /0;
Zdq{jaz9 K`gl dn Agfb`gm" KJJ" JKC" JKC$XvJ `gm DGZ'
%`# Agm/pq`{}a{ dkza{~`}cdgz dg ` zj`ba dn /1 }d ,1" vc}e xdzc}c~a zjd{az cgmcj`}cgf }e`} {azxdgmag}z auxaj} }dcgj{a`za cg~az}oag} d~a{ }ea gau} }vab~a odg}ez'
%k# Ga} xa{jag}`fa k`b`gja dn {azxdgmag}z {axd{}cgf }e`} }eas e`~a cgj{a`zam xb`ggam cg~az}oag} cg xb`g} gmo`jecga{s d~a{ }ea x`z} }e{aa odg}ez' M`}` `{a gdg za`zdg`bbs `miqz}am'
%j# Ga} xa{jag}`fa k`b`gja dn {azxdgmag}z {axd{}cgf }e`} }eas auxaj} }d cgj{a`za cg~az}oag} cg xb`g} `gmo`jecga{s d~a{ }ea gau} }vab~aodg}ez'
%m# M`}` jd~a{ }ea ncg`gjc`b" {a}`cb gm jdgzqoa{$kqzcgazz za{~cjaz zaj}d{z" vc}e }ea {azqb}z n{do }edza zq{~aszvacfe}am }dfa}ea{ qzcgf ze`{az cg {a`b kqzcgazz cg~az}oag}'
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Zaj}cdg ; Mao`gm ;0
Oa`zq{cgf {a`b fd~a{goag} jdgzqox}cdg
Gdocg`b fd~a{goag} jdgzqox}cdg e`z f{dvg n`{ bazz {`xcmbs
d~a{ }ea x`z} }e{aa sa`{z }e`g c} mcm cg }ea maj`ma kand{a }ea
{ajazzcdg' Kq} }e`} zbdvcgf e`z kaag `zzdjc`}am vc}e ` oqje
zo`bba{ majbcga cg }ea {axd{}am {`}a dn f{dv}e dn {a`b
fd~a{goag} jdgzqox}cdg %Je`{} @#' ]ecz kdu auxb`cgz edv
}ea DGZ oa`zq{az {a`b fd~a{goag} jdgzqox}cdg `gm ve`}
}e`} coxbcaz nd{ az}co`}az dn {a`b FMX'
Oa`zq{cgf {a`b fd~a{goag} jdgzqox}cdg cz gd}
z}{`cfe}nd{v`{m' Dg }ea vedba" }ea xqkbcj zaj}d{ x{d~cmaz
za{~cjaz }e`} `{a n{aa `} }ea xdcg} dn mabc~a{s' ]e`} oa`gz }e`}
}ea{a cz gd mc{aj} oa`zq{a dn }ea x{cjaz dn }edza za{~cjaz }e`}
j`g ka qzam }d manb`}a gdocg`b fd~a{goag} jdgzqox}cdg'
Cgz}a`m" {a`b jdgzqox}cdg oqz} ka az}co`}am cg dga dn }e{aa
v`sz9 qzcgf `g coxq}am cgmcj`}d{ dn }ea x{cja< qzcgf cgmcj`}d{z
dn }ea ~dbqoa dn cgxq}z< d{ qzcgf `g cgmcj`}d{ dn }ea ~dbqoa dn
dq}xq}'
@{dqgm dga pq`{}a{ dn {a`b fd~a{goag} jdgzqox}cdg czoa`zq{am ks manb`}cgf gdocg`b zxagmcgf ks `g coxq}am x{cja
cgmau' Nd{ au`oxba" zdoa jdoxdgag}z dn jag}{`b `gm bdj`b
fd~a{goag} x{djq{aoag} `{a manb`}am qzcgf zxajc`bbs
jdgz}{qj}am x{cja cgmcjaz k`zam dg x{dmqja{ x{cjaz" {a}`cb
x{cjaz `gm d}ea{ cgnd{o`}cdg' Nd{ ` nq{}ea{ zo`bb x{dxd{}cdg dn
fd~a{goag} jdgzqox}cdg" }ea ~dbqoa dn dq}xq} cz az}co`}am
qzcgf cgmcj`}d{z dn }ea ~dbqoa dn cgxq}z' Nd{ }eaza
jdoxdgag}z dn fd~a{goag} jdgzqox}cdg" je`gfaz cg gdocg`b
zxagmcgf }agm }d ka `zzdjc`}am vc}e jdg}aoxd{`gadqz
je`gfaz cg {a`b jdgzqox}cdg %]`kba 0#'
Nd{ `{dqgm }vd }ec{mz dn {a`b fd~a{goag} jdgzqox}cdg" vecje
cgjbqmaz za{~cjaz zqje `z ea`b}e `gm amqj`}cdg" }ea ~dbqoa dn
zxagmcgf cz oa`zq{am mc{aj}bs qzcgf cgmcj`}d{z dn dq}xq}' Cg
}ea j`za dn zjeddb amqj`}cdg" }ea cgmcj`}d{ dn dq}xq} }ea
gqoka{ dn xqxcbz }`qfe} cz zj`bam ks `g `miqz}oag} n`j}d{
k`zam dg x`z} cgj{a`zaz cg }ea `~a{`fa xdcg} zjd{a dn
j`gmcm`}az zc}}cgf FJZA au`ocg`}cdgz" vecje cz mazcfgam }d
j`x}q{a je`gfaz cg }ea pq`bc}s dn dq}xq}'
Vea{a {a`b fd~a{goag} jdgzqox}cdg cz oa`zq{am mc{aj}bs
n{do cgmcj`}d{z dn }ea ~dbqoa dn dq}xq}" je`gfaz cg gdocg`b
jdgzqox}cdg `{a faga{`bbs `zzdjc`}am vc}e dgbs ` bcoc}amjdg}aoxd{`gadqz je`gfa cg {a`b jdgzqox}cdg' ]e`} cz
kaj`qza }ea dq}xq} cgmcj`}d{z }agm }d je`gfa dgbs zbdvbs d~a{
}coa' ]ea f{dv}e {`}az dn }eaza jdoxdgag}z dn {a`b
jdgzqox}cdg }ea{and{a }agm }d ka {ab`}c~abs zodd}e" vc}e
je`gfaz cg gdocg`b jdgzqox}cdg b`{fabs {anbaj}am cg je`gfaz
cg }ea coxbcam x{cja manb`}d{' Cgmaam" vea{a`z `ggq`b f{dv}e cg
gdocg`b jdgzqox}cdg dn }eaza jdoxdgag}z cz {axd{}am }d e`~a
n`bbag }d ;'0! cg ;800 n{do 6'3! cg ;885" {a`b f{dv}e mq{cgf
}e`} xa{cdm nbqj}q`}am `{dqgm c}z 0335;886 `~a{`fa {`}a
%]`kba 0#'
]ea nczj`b jdgzdbcm`}cdg vcbb {azqb} cg xa{zcz}ag} va`lgazz cg
gdocg`b fd~a{goag} jdgzqox}cdg f{dv}e d~a{ }ea nd{aj`z}
xa{cdm' Kq} c} o`s ka `zzdjc`}am vc}e jdgzcma{`kbs bazz je`gfa
cg az}co`}am {a`b fd~a{goag} jdgzqox}cdg f{dv}e" zcgja }ea
o`id{c}s dn fd~a{goag} dq}xq} cz oa`zq{am qzcgf mc{aj}
~dbqoa cgmcj`}d{z' @gs je`gfa cg {a`b fd~a{goag}
jdgzqox}cdg vcbb ka {anbaj}am cg {a`b FMX" kq} c} vcbb e`~a gd
coxbcj`}cdgz nd{ }ea dq}bddl nd{ cgnb`}cdg" vecje maxagmz dg
}ea xqkbcj zaj}d{z qza dn {azdq{jaz {`}ea{ }e`g az}co`}az dn c}z
{a`b dq}xq}'
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Je`cgam/~dbqoa oa`zq{aXa{jag}`fa je`gfaz dg ` sa`{ a`{bca{
,
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@} jq{{ag} x{cjaz >'0 1'; 8'8 :'= /;'5
Je`cgam/~dbqoa oa`zq{a ='1 ;'8 /='0 0'8 /:'6
Coxbcam manb`}d{ 0'> :'; =': ;'= 8'3
[a`b dq}xq} oa`zq{am qzcgf dq}xq} cgmcj`}d{z%k#
@} jq{{ag} x{cjaz 6'1 6'3 1'5 :'; ;'0
Je`cgam/~dbqoa oa`zq{a 0'3 0'= ;'0 0'5 0'3
Coxbcam manb`}d{ 1'= >'= :'1 0'= 8';
%`# Jdox{czaz }d}`b fd~a{goag} jdgzqox}cdg bazz mc{aj}bs oa`zq{am fd~a{goag} jdgzqox}cdg' Cgjbqmaz" nd{au`oxba" zxagmcgf dg9 managja x{djq{aoag}< `gm }`u jdbbaj}cdg `gm `mocgcz}{`}cdg'
%k# Jdox{czaz zxagmcgf dg ea`b}e" amqj`}cdg" zdjc`b x{d}aj}cdg %zdjc`b j`{a `gm }ea `mocgcz}{`}cdg dn zdjc bzajq{c}s#" nc{a za{~cjaz" b`v jdq{}z" x{dk`}cdg gm x{czdgz'
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;; Cgnb`}cdg [axd{} O`s ;80;
P0 %Je {} ;'>#" kq} c} cz bclabs }e`} }ea va`lgazz cg aq{d/`{a`
mao`gm f{dv}e xa{zcz}am'
]ea aq{d `{a`Aq{d/`{a` FMX jdg}{`j}am ks 8':! cg P=' Dq}xq} jdg}cgqam
}d n`bb cg }ea xa{cxea{s jdqg}{caz" kq} FMX `bzd majbcgam cgo`gs d}ea{ oaoka{ jdqg}{caz" cgjbqmcgf Fa{o`gs' ]ea O`{lc}
aq{d/`{a` jdoxdzc}a Xq{je`zcgf O`g`fa{z Cgmau" `g cgmcj`}d{
dn `j}c~c}s" xcjlam qx ka}vaag Dj}dka{ ;800 `gm I`gq`{s ;80;'
Kq} odz} dn }edza f`cgz e`~a zcgja kaag {a~a{zam %Je {} ;'>#'
K`zam dg c}z ecz}d{cj`b {ab`}cdgzecx vc}e dq}xq} f{dv}e" }ea
cgmau zqffaz}z }e`} aq{d/`{a` FMX nabb odmaz}bs `f`cg cg P0'
]ea va`lgazz cg aq{d/`{a` mao`gm f{dv}e {anbaj}z" cg x`{}" }ea
je`bbagfaz n`jam ks za~a{`b oaoka{ jdqg}{caz `z }eas zaal }d
{af`cg jdoxa}c}c~agazz `gm {amqja cgmak}amgazz' Zqkz}`g}c`b
nczj`b jdgzdbcm`}cdgz `{a qgma{ v`s cg o`gs oaoka{ jdqg}{caz"azxajc`bbs }edza cg }ea xa{cxea{s' Cg `mmc}cdg" }ea AJKz K`gl
Bagmcgf Zq{~aszqffaz}am }e`} j{amc} jdgmc}cdgz }cfe}agam `
bc}}ba nq{}ea{ cg P0 %]`kba ;'M#" `bkac} ks oqje bazz }e`g cg P=9
{azxdgmag}z `}}{ckq}am }e`} }d cox{d~am jdgmc}cdgz cg k`gl
nqgmcgf o`{la}z ndbbdvcgf }ea AJKz }e{aa/sa`{ bdgfa{/}a{o
{ancg`gjcgf dxa{`}cdgz %Zaj}cdg 0#' Oa`zq{az dn jdgzqoa{ gm
kqzcgazz jdgncmagja {ao`cgam vabb kabdv }eac{ 0333;886
`~a{`faz cg @x{cb %]`kba ;'M#'
]ea Qgc}am Z}`}azQZ FMX cz az}co`}am }d e`~a cgj{a`zam ks 8'1! cg P0"
ndbbdvcgf f{dv}e dn 8'6! cg P=' Cg kd}e pq`{}a{z" f{dv}e v`zb`{fabs `jjdqg}am nd{ ks cgj{a`zaz cg edqzaedbm zxagmcgf'
]ea qgaoxbdsoag} {`}a m{dxxam nq{}ea{ n{do c}z xa`l dn 08!
cg Dj}dka{ ;883" n`bbcgf }d 5'0! cg @x{cb %Je {} ;'6#' Qg}cb
ocm/;800" oqje dn }ea majbcga cg }ea qgaoxbdsoag} {`}a
{anbaj}am ` n`bb cg }ea x{dxd{}cdg dn }ea `mqb} xdxqb`}cdg
vd{lcgf d{ zaalcgf vd{l' Kq} zcgja Iqbs ;800" cgj{a`zam
aoxbdsoag} e`z `bzd kaag ` n`j}d{ xqzecgf mdvg
qgaoxbdsoag}' ]ea qgaoxbdsoag} {`}a {ao`cgz vabb `kd~a
c}z x{a/{ajazzcdg ba~ab" edva~a{" `gm aba~`}am qgaoxbdsoag}"
`bdgfzcma d}ea{ ea`mvcgmz cgjbqmcgf edqzcgf o`{la}va`lgazz `gm x{dzxaj}c~a nczj`b jdgzdbcm`}cdg o`s jdg}cgqa
}d vacfe dg f{dv}e'
Aoa{fcgf ajdgdocazF{dv}e cg aoa{fcgf ajdgdocaz e`z {ao`cgam zdbcm zcgja }ea
z}`{} dn ;80;" `b}edqfe }ea x`ja dn ndq{/pq`{}a{ f{dv}e cg
o`gs jdqg}{caz e`z zbdvam {ab`}c~a }d {`}az zaag `} }ea z}`{} dn
;800' Mao`gm f{dv}e cz bclabs }d e`~a kaag {az}{`cgam ks
zdoa jdokcg`}cdg dn va`lgazz cg au}a{g`b mao`gm" azxajc`bbs
n{do `m~`gjam ajdgdocaz" `gm x`z} mdoaz}cj xdbcjs `j}cdgz
}`lag }d {amqja cgnb`}cdg`{s x{azzq{az'
QL }{`maQL auxd{}z {dza ks 8'5! cg }ea sa`{ }d ;800 P=' ]e`} v`z
od{a }e`g `jjdqg}am nd{ ks `g cgj{a`za cg fddmz auxd{}z;6" pq`{}a{bs f{dv}e
cg P; `gm }ea {ao`cgma{ dn ;80; vcbb ka `nnaj}am ks }ea
`mmc}cdg`b Mc`odgm Iqkcbaa k`gl edbcm s `gm }ea
Dbsoxcj F`oaz' ]ea{a cz qgja{}`cg}s `{dqgm }ea x{ajcza zcya
dn }eaza annaj}z' Kq} }ea jdokcg`}cdg dn }eaza }vd a~ag}z czauxaj}am }d bdva{ dq}xq} f{dv}e ks `{dqgm xa{jag}`fa
xdcg} cg P;" kddz} c} ks ` bc}}ba od{a }e`g }e`} cg P: `gm bdva{
c} zbcfe}bs cg P= `z dq}xq} {a}q{gz }d c}z qgma{bscgf ba~ab' ]eqz
` n`bb cg oa`zq{am dq}xq} cg P; jdqbm z}cbb {anbaj} `g
cox{d~aoag} cg f{dv}e aujbqmcgf }edza dga/dnn n`j}d{z'
Zaj}cdg 1 mczjqzzaz }ea oamcqo/}a{o f{dv}e dq}bddl'
:'; B`kdq{ mao`gm `gm zqxxbs
]ea va`lgazz cg dq}xq} f{dv}e zcgja ocm/;808 e`z kaag
`jjdox`gcam ks ` xa{cdm dn k{d`mbs nb`} d~a{`bb aoxbdsoag}`gm `g aba~`}am qgaoxbdsoag} {`}a' Kq} }ea `odqg} dn
mdvgv`{m x{azzq{a }e`} zb`jl cg }ea b`kdq{ o`{la} aua{}z dg
v`faz vcbb maxagm" cg x`{}" dg }ea au}ag} }d vecje }edza gd} cg
aoxbdsoag} `{a `j}c~abs zaalcgf vd{l `gm e`~a }ea {apqc{am
zlcbbz }d ncbb ~`j`gjcaz'
B`kdq{ mao`gm
Zcgja }ea ocmmba dn ;808" x{c~`}a zaj}d{ aoxbdsoag} e`z {czag
ks `{dqgm =18"888" vecba xqkbcj zaj}d{ aoxbdsoag} e`z n`bbag
ks `{dqgm :18"888 %Je`{} :'=#' D~a{`bb aoxbdsoag} xcjlam
qx cg ;800 P=" cgj{a`zcgf ks `{dqgm >8"888' @gm aoxbdsoag}
cgj{a`zam nq{}ea{ cg }ea }e{aa odg}ez }d Nak{q`{s'
Je`{} :'= Xqkbcj gm x{c~`}a zaj}d{ aoxbdsoag}
;;'0
;;':
;;'1
;;'6
;;'3
;:'0
;:':
;:'1
;:'6
1'8
1';
1'=
1'>
1'5
>'8
>';
>'=
>'>
;88: 81 86 83 00
Ocbbcdgz
Faga{`b fd~a{goag}%k#
%{cfe}/e`gm zj`ba#
Ocbbcdgz
X{c~`}a zaj}d{%`#
%ban}/e`gm zj`ba#
8'88'8
Zdq{jaz9 DGZ %cgjbqmcgf }ea B`kdq{ Nd{ja Zq{~as# gm K`gl j`bjqb`}cdgz'
%`# X{c~`}a zaj}d{ aoxbdsoag} j`bjqb`}am `z }ea mcnna{agja ka}vaag BNZ vedba/ajdgdosaoxbdsoag} gm }d}`b xqkbcj zaj}d{ aoxbdsoag} n{do }ea DGZz xqkbcj zaj}d{ aoxbdsoag}{aba`za" miqz}am }d ka dg ` j`bagm`{/pq`{}a{ k`zcz'
%k# Faga{`b fd~a{goag} %cgjbqmcgf xqkbcj jd{xd{`}cdgz# aoxbdsoag} m`}` {a n{do }ea DGZzxqkbcj zaj}d{ aoxbdsoag} {aba`za'
Je`{} :': Zq{~as cgmcj`}d{z dn kqzcgazz jdgncmagja
=
:
;
0
8
0
;
:
;888 8; 8= 8> 85 08 0;
Mcnna{agjaz n{do `~a{`faz zcgja ;888 %gqoka{ dn z}`gm`{m ma~c`}cdgz#
[`gfa dn o`gqn`j}q{cgfcgmcj`}d{z%k#
[`gfa dn za{~cja zaj}d{cgmcj`}d{z%`#
,
Zdq{jaz9 KJJ" JKC" JKC$XvJ" O`{lc} Ajdgdocjz `gm K`gl j`bjqb`}cdgz'
%`# Cgjbqmaz oa`zq{az dn za{~cja zaj}d{ kqzcgazz auxaj}`}cdgz n{do }ea KJJ" JKC `gm JCXZ$O`{lc}zq{~asz' ]ea JKC oa`zq{a vacfe}z }dfa}ea{ ncg`gjc`b za{~cjaz" kqzcgazz$jdgzqoa{ za{~cjaz`gm mcz}{ckq}c~a }{`maz zq{~asz qzcgf ze`{az cg gdocg`b ~`bqa mmam' ]ea zq{~asz qzam {a9KJJ }q{gd~a{ jdgncmagja" JKC kqzcgazz dx}coczo gm JCXZ$O`{lc} kqzcgazz auxaj}`}cdgz' ]eaKJJ m`}` {a gdg za`zdg`bbs miqz}am'
%k# Cgjbqmaz oa`zq{az dn o`gqn j}q{cgf kqzcgazz auxaj}`}cdgz n{do }ea KJJ %gdg/za{~cjaz#" JKC`gm JCXZ$O`{lc} zq{~asz' ]ea zq{~asz qzam `{a9 KJJ }q{gd~a{ jdgncmagja" JKC kqzcgazzdx}coczo gm JCXZ$O`{lc} d{ma{z' ]ea KJJ m`}` {a gdg za`zdg`bbs miqz}am'
%0# Nd{ od{a ma}`cbz zaa }ea DGZz z}`}cz}cj b kqbba}cg dg }ea x{abcocg {s az}co`}a dn;80; P0 FMX } vvv'dgz'fd~'ql$dgz$mjx060665T;>:165'xmn'
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;> Cgnb`}cdg [axd{} O`s ;80;
]ea cox`j} dn zxajc`b n`j}d{z dg }ea x`}e dn
FMX f{dv}e cg ;80;
Zxajc`b n`j}d{z" zqje `z }ea `mmc}cdg`b k`gl edbcm`s `zzdjc`}am
vc}e }ea {ds`b vammcgf cg ;800" j`g ba`m }d ~db`}cbc}s cg
pq`{}a{bs dq}xq} f{dv}e' ]ea x`}}a{g dn pq`{}a{bs f{dv}e cg
;80; cz bclabs }d ka `nnaj}am ks }ea `mmc}cdg`b k`gl edbcm`s nd{
}ea Mc`odgm Iqkcbaa `gm ks }ea Dbsoxcj F`oaz' C} cz
coxd{}`g} }d bddl }e{dqfe }eaza annaj}z veag iqmfcgf }ea
z}{agf}e dn mao`gm `gm eagja }ea dq}bddl nd{ cgnb`}cdg" `z
}eas md gd} {anbaj} agmq{cgf je`gfaz cg qgma{bscgf `j}c~c}s'
]ea cox`j} dn }ea Mc`odgm Iqkcbaa@z x`{} dn }ea Mc`odgm I