The UK manufacturing orders grew at a slower pace in February and manufacturers expect prices to rise at the fastest pace since December 1976, the latest Industrial Trends survey results from the Confederation of British Industry showed on Tuesday.
The order book balance fell unexpectedly to 20 percent in February from 24 percent in January. The expected balance was 25 percent.
At the same time, a net balance of 77 percent expects prices to rise in the next three months, the highest since December 1976.
Further, growth in output volumes accelerated in the three months to February, with the balance rising to +26 percent from +14 percent.
Tom Crotty, Group Director at INEOS and Chair of the CBI Manufacturing Council, said, “It is great to see that total order books remained strong in February and that output volumes grew more quickly than in last month’s survey, increasing in 13 out of 17 sectors.”
“But with rising prices and inadequate stocks of finished goods, the cost-of-living crunch continues to bite across the sector, alongside continuing global energy and supply chain challenges,” Crotty added.
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