The November DMP survey was conducted between 7 and 21 November and received 2,142 responses.
Firms reported that their realised annual own-price growth remained unchanged at 3.8% in the three months to November. Note that the DMP covers own prices from firms across the whole economy, not just consumer-facing firms.
Year-ahead own-price inflation was expected to be 3.7% in the three months to November, 0.1 percentage points higher than firms reported in the three months to October. Businesses therefore expect output price inflation to fall by 0.1 percentage points over the next year, based on three-month averages.
Expectations for year-ahead CPI inflation remained unchanged at 3.4% in the three months to November. The corresponding measure for three-year-ahead CPI inflation expectations was 3.0% in the three months to November, which remains unchanged relative to the three months to October.
Firms reported that annual wage growth was 4.5% in the three months to November, unchanged from the three months to October. Expected year-ahead wage growth rose slightly, by 0.1 percentage points to 3.8% in the three months to November. This implies that firms expect their wage growth to decline by 0.7 percentage points over the next 12 months.
Firms reported that realised annual employment growth was -0.7% in the three months to November, down from -0.3% in the three months to October. Expectations for employment growth over the next year also weakened slightly, falling by 0.1 percentage points to -0.2% in the three months to November.
In November, the DMP survey asked firms about changes in their profit margins between 2024Q3 and 2025Q3. 42% of firms reported a decrease, 34% reported an increase, while 24% saw no material change in profit margins. Firms were also asked about expected changes in profit margins over the year to 2026Q3. 38% expected an increase, 38% of firms expected no change in their profit margins, and the remaining 24% expected a decrease. Note these questions have only been asked to a third of firms in the panel so far.