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CBI Order Book Broadly Unchanged, Price Expectations Rise to Highest Since May'23

UK DATA
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UK CBI Order Books Balance were reported "broadly unchanged at -18% (vs -20 prior) in March, remaining below "normal" and below the long run average of -13%.

  • Expectations for average selling price inflation picked up in March to 21% (from 17% in February) - the third consecutive monthly rise, making it the highest since May 2023 and comfortably above the long-run average of 7%. This pickup will be concerning to the MPC as it looks to cut rates at an upcoming meeting (June / August both look possible start dates for the easing cycle).
  • Survey conducted between 26 February and 13 March.
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UK CBI Order Books Balance were reported "broadly unchanged at -18% (vs -20 prior) in March, remaining below "normal" and below the long run average of -13%.

  • Expectations for average selling price inflation picked up in March to 21% (from 17% in February) - the third consecutive monthly rise, making it the highest since May 2023 and comfortably above the long-run average of 7%. This pickup will be concerning to the MPC as it looks to cut rates at an upcoming meeting (June / August both look possible start dates for the easing cycle).
  • Survey conducted between 26 February and 13 March.