Firms’ year-ahead inflation expectations ticked up from 2.2% in January to 2.3% in February, the highest since July 2024.

• The median YoY change in unit costs dropped to 2.2% YoY, down from 2.4% YoY and the lowest since March 2021.
• Firms reported a median 4.0% price increase over the past 12 months and a median 3.0% expected price increase over the next 12 months.