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That’s a slight improvement to the monthly order book balance compared to January, but still below the long-run average of -13. The standout detail from the report though is that the expectations for average selling price inflation rose to +17 in February. That is up from +9 in January and is the strongest reading since July 2023. If it keeps up, that will be an issue for the BOE in trying to push the narrative of rate cuts in the months ahead.

This article was written by Justin Low at


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