Report
The rise in the price of services excluding rents: The true indicator of wage inflation
We compare the rise in the price of services excluding rents in the United States, the United Kingdom and the euro zone. This is a reliable indicator of wage inflation, since it: Is not affected by movements in the price of energy or industrial raw materials like the price of manufactured goods; Does not depend on the scarcity of housing, like rents (actual or imputed to homeowners). In January 2024, the rise in the prices of services excluding rent is: 3.7% in the United States; 6% in the United Kingdom; 4% in the euro zone. This shows that “bottom-up” inflation is still high in all three countries.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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