MNI UK Inflation and Labour Market Insight: Feb 2025

Hidden PDF

• 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.