The June DMP survey was conducted between 10 and 24 June and received 2,604 responses.
Annual private sector output price inflation in the DMP was 7.1% in the three months to June, 0.2 percentage points higher than in the three months to May. The single month figure for June was 7.5%, up from 7.3% in May. Expected year-ahead annual output price inflation was 6.1% in the three months to June, up from 5.9% the previous month (the single month data was 6.3%, 0.4 percentage points higher than in May).
Over the past 12 months to June, average unit costs were estimated to have increased by 9.5%. Over the next 12 months, firms expected unit cost growth to be 8.2%, on average. Average wage growth was reported to have been 5.7% over the year to June, and was expected to be 5.1% over the next 12 months.
Perceptions of current CPI inflation averaged 8.7% in the June survey, 0.3pp lower than the official ONS CPI inflation rate. Looking ahead, DMP members expected CPI inflation to be 7.4% one-year ahead and 4.0% in three years’ time.
The percentage of non-labour inputs being disrupted was broadly stable in June, at 16%.
Recruitment difficulties remained widespread. In June, 88% of firms reported they were finding it harder to recruit new employees compared to normal. 66% reported that it was ‘much harder’, which was the highest since the question was first asked in October 2021.
Overall levels of business uncertainty edged up in June. 58% of respondents reported that uncertainty for their business was ‘high’ or ‘very high’ at the moment, 4 percentage points higher than in May. Uncertainty relating to the conflict in Ukraine and Covid continued to moderate into June, with the percentage of respondents ranking these as a top-three source of uncertainty down 2 percentage points and 4 percentage points respectively. For the first time since the onset of the pandemic, Brexit was a larger source of uncertainty for panel members than Covid. 25% of respondents cited Brexit as a top-three source of uncertainty in June, up 5 percentage points on May.
Published on
07 July 2022
- Monthly aggregate-level data for a limited number of DMP series up to June 2022 (XLSX 0.1MB)
- Quarterly aggregate-level data for all survey questions up to January 2022 (XLSX 0.4MB)
The DMP was set up in August 2016 by the Bank of England together with academics from Stanford University and the University of Nottingham. It was designed to be representative of the population of UK businesses. All results are weighted. See Bloom et al (2017) for more details.
The DMP receives funding from the Economic and Social Research Council.