BlackRock: slowing growth now a bigger worry than inflation

Urwin went as far to say that concerns over UK economic growth have come to dominate inflation worries. He said: "Second quarter UK GDP estimates show growth to be up by 1.6pc over the past year; still positive, but it is widely recognised that housing and consumer activity continue to slow. On this view, commodity prices have exacerbated the growth challenges of western economies rather than fuelled a long-term inflationary spiral; the effect of higher food and energy costs has been to tie the hands of central banks in setting interest rates." Urwin noted that oil prices have fallen b...