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MNI UK Inflation and Labour Market Insight: Jan 2024 Release

  • When summing up this week’s UK data, earnings data was marginally soft, but dominating that was the upside surprise to inflation – with headline, core and services all surprising to the upside.
  • We look at the main contributing factors to the surprise in inflation.
  • Labour market data were broadly in line with expectations this month. However, private sector regular pay is on course to come in around 1ppt below BOE forecasts.
  • We look at the implications for the BOE - and whether guidance will change and the implications for the vote breakdown.
  • We also summarise sell-side reviews of both the inflation and labour market data releases.
For the full PDF see:

MNI UK Inflation Labour Insight - January 2024 Release.pdf

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