Since 2021, inflation has risen sharply across many advanced economies. This reflects multiple factors, including energy prices, supply disruptions, and labour market tightness, as discussed in the May 2023 Monetary Policy Report. This piece discusses recent results from the DMP survey on how firms have been setting prices during the current period of high inflation. It starts by summarising the latest data on inflation rates reported in the DMP and businesses’ expectations for the year ahead. It then moves on to report how firms say that they have been setting prices and contrasts the experience of firms who are ... (full story)