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MNI UK Inflation and Labour Market Insight: Feb 2025

We look at the implications of the labour market and inflation data for the MPC.

For the full PDF document click here.

  • There was a small downside surprise in services inflation but upside surprises for food and core goods.
  • On the labour market there was encouraging data on the quantities side with a small downside surprise to AWE wage data while PAYE wage data continued its downtrend.
  • Overall, we don't think there is a huge amount in these data to change the mind of either the doves or central group on the MPC.
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For the full PDF document click here.

  • There was a small downside surprise in services inflation but upside surprises for food and core goods.
  • On the labour market there was encouraging data on the quantities side with a small downside surprise to AWE wage data while PAYE wage data continued its downtrend.
  • Overall, we don't think there is a huge amount in these data to change the mind of either the doves or central group on the MPC.