Fund manager's comment/Chris Rice
The European economy seems to have stalled. Despite countries such as Spain and Ireland continuing to grow strongly, the largest economy, Germany, is still struggling to sustain growth 10 years after unification. Inflation has surprised on the upside recently, predominantly because of higher-than-expected food prices with foot and mouth and BSE diseases. Despite this rise, we feel that inflation is still under control and anticipate that it will return to the 2% ECB target as food prices stabilise. The effect of higher energy prices will also fall out of the figures soon, further easing t...
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