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PMI services report suggests cost passthrough may not be as weak as May MPR forecasts

UK DATA

This is the key from the UK PMI services report:

"Amid reports of sustained salary pressures, greater supplier charges and increases in fuel costs, prices charged for UK services rose during May as businesses passed through higher expenses to their clients. That said, the rate of output price inflation eased to its weakest for over three years."
  • The MPC was really focused in its May MPR on the fact that both the PMIs and Agents were seeing less passthrough of wage growth to output prices. But the wording here seems to suggest that the lack of passthrough may not be as sustained as previously thought.
  • If this is also matched in Agents' communications to the MPC, it would suggest that inflation would remain more persistent than thought in the last forecast round, and put more emphasis back on wage data again.
  • And with both April services CPI and the latest wage data coming in stronger than expected, those persistence concerns seem to be playing out in the latest hard data too.
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