UK manufacturers price expectations hit a survey record high and production increased at a brisk pace in three months to March, survey results from the Confederation of British Industry showed on Tuesday.
A net balance of 80 percent of manufacturers expects to raise their prices over the coming three months, according to the latest Industrial Trends survey results. This was the highest score since 1975.
Further, about 26 percent said order books increased in March, the highest since November 2021, from 20 percent in February.
The output volume balance rose to 27 percent in three months to March from 26 percent in the preceding period. A net 30 percent expects output to rise in the coming three months.
It is positive to see that total order books remained strong in March, with export orders above normal to the greatest since extent since March 2019, Tom Crotty, Group Director at INEOS and Chair of the CBI Manufacturing Council, said.
But the shock to energy and other commodity markets due to the Ukraine conflict, along with the potential for trade spillovers, will further add to the cost-of-living squeeze, Crotty added.