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27th Feb 2024 18:59UK, Daily Monitor

  • The PMI output prices balance implies the underlying services CPI is still rising at a 5% annualised pace.
  • Take that signal seriously; the balance has reliably captured big service inflation swings in the past.
  • Other surveys support the PMI, showing still- elevated wage growth is driving services inflation.

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Keywords for: 29 February 2024 UK Monitor

Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence