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mpc: 23 Pay settlements had continued in February in the 3-4% range in which they had remained ever since the Committee had been set up. They had risen a little on the headline figure, but fallen a little for settlements matched with those for the same groups of workers last year. The Bank's regional Agents had received reports of slightly higher settlements, due to rises in RPI inflation and the National Minimum Wage, together with continuing skill shortages in some occupations. Regular pay growth had remained at an annual rate of around 4½% in January, although bonuses had been stronger than expected. There was no sign of inflation expectations among the general public rising.