1.   But take away the effect of the new council tax and underlying inflation has risen slightly.

2.   Underlying inflation during the past three months gives a more up-to-date reading.

3.   There was even better news on underlying inflation, which excludes mortgages.

4.   Bank president Massad said last week he wants to see a decline in underlying inflation and wage increases before cutting rates.

5.   Bank president Carlos Massad has said he wants to see underlying inflation and wage growth slow before rates come down.

6.   BRITISH gilts were little changed after a report showing the rate of underlying inflation was unchanged in April, matching expectations.

7.   Brash said the bank also supports the proposal that someone other than the central bank calculate the measure of underlying inflation.

8.   Even so, central bank President Carlos Massad has said he wants to see underlying inflation and wage growth slow before rates come down.

9.   He said he wanted to see underlying inflation and wage growth slow before cutting rates.

10.   In the U.K., gilts were underpinned by a report showing the rate of underlying inflation was unchanged, matching expectations.