The Economist often describes economic statistics like this:
published on Jan 27th 2000
MONEY AND INTEREST RATES Britain's broad money-supply growth edged up to 3.6% in the year to December"
I don't understand the phrase "in the year to month". Does it mean
- The supply grew up 3.6% from Jan 1999 to Dec 1999
- The supply grew up 3.6% from Dec 1999 to Jan 2000
Thanks a lot.