Little joy on inflation

The inflation figure for May due out tomorrow morning may raise false hopes

The inflation figure for May due out tomorrow morning may raise false hopes. The consensus is that the annual rate will not rise from last month's 4.9 per cent and may even fall marginally to about 4.7 per cent.

Lower fuel price at the beginning of the month should offset continuing rises in housing costs and services inflation. Of most interest to observers will be the scale of he rise in services inflation which is worrying economists.

Any relief in this month's figures, though, is likely to be short-lived as oil prices have since risen and last week's interest rate rise will feed through to the June figures.

MONDAY

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Results: Cedar Group, Compco Holdings, Honeycombe Leisure, Powderject Pharma, Prism Rail, Renold, Eliza Tinsley.

A.G.M.: Bertam Holdings, Rowe Evans, Scoot.com, Steenoak Services (e.g.m.).

Meetings: Bank of Japan monetary policy board meeting.

Indicators: British producer prices (May).

Others: Central Bank marks the start of printing of euro banknotes.

TUESDAY

Results: Belhaven, BHW Bank, Chemring (H1), Eidos, Belhaven Brewery, Hazlewood Foods, London Scottish Bank (H1), Oxford Instruments, Stewart & Wright, Teleste (Q4), Telewest Communications (H1), Victoria, Victrex (H1).

A.G.M.: Bank of Scotland, KS Biomedix (e.g.m.), Newport Holdings, Taylor Nelson Sofres.

Meetings: Third annual USA/Ireland mutual fund conference (Dublin Castle to Thurs); Seminar on EU deregulation and its impact on national regulation of energy (Institute of European Affairs); Leinster Society of Chartered Accountants holds annual meeting (Burlington Hotel, Dublin); Oireachtas Joint Committee on Enterprise and Small Business presentation from Small Firms Association.

Indicators: Irish consumer prices (May); British retail prices (May); US retail sales (May); Japanese industrial production (Apr); German current account (Apr) and trade balance (Apr).

Others: Telia lists on Swedish bourse; Slovenia trade mission to Ireland holds business conference (Enterprise Ireland); Institute of Bankers in Ireland opens online library.

WEDNESDAY

Results: AIT Group, Alba, BPT, Brau & Brunnen, Gerling, Harveys Furnishings, JD Sports, Kelda (H1), Lannen Tehtaaat (H1), Sports Internet Group, McKay Securities, Remy Cointreau, Stagecoach Holdings, Telme.com.

A.G.M.: Chime Communications, Emess, Miller Fisher Group, Premier Farnell, Ryan Hotels, Highlands & Lowlands.

Meetings: Energy Ireland 2000 conference (Burlington Hotel, Dublin to Thurs); Seminar on ebusiness (Citywest Hotel, Dublin); International Telecommunications Users Group conference Small Nation, Global Force" (Clontarf Castle, Dublin to Thurs).

Indicators: British unemployment (May), average earnings (Apr) and unit wage cost (Apr); US business inventories (Apr), real earnings (May), consumer prices (May) and Beige Book; German consumer prices (May); French current account (Mar) and harmonised consumer prices (May).

THURSDAY

Results: Adobe Systems (H1), Delancey Estates, Dewhirst (H1), Efore (H1), Esec (Q1), Hamleys, Hampson Industries, Yates Brothers.

A.G.M.: Alpha Airports, Bourne End Properties, Firestone Diamonds (e.g.m.), Lufthansa, Tesco.

Meetings: Oireachtas Joint Committee on Public Enterprise and Transport meets chairman and chief executive of An Post; CCC (Ireland) Summer 2000 seminar on "Profitable Final Accounts" (Institute of Engineers, Dublin).

Indicators: Irish external trade (Mar) and wholesale price index (May); British retail sales (May); US capacity utilisation (May), industrial production (May) and Philadelphia Federal Survey (Jun); Japanese leading and coincidental indicators (Apr); German retail sales (Apr) and wholesale prices (May); French non-farm payrolls (Q1); Italian industrial production (Apr).

Others: IBEC biennial dinner (Berkeley Court Hotel, Dublin); Eircell introduces its Ready to Go WAP phone.

FRIDAY

Results: Brooke Industrial Holdings (H1), Dailywin Group, First Choice (H1), Henderson Technology Trust, Rapala (H1).

Indicators: French trade balance (Apr); US housing permits (May), housing starts (May) and Michigan Sentiment Survey (Jun).