The number of British manufacturers raising prices has hit its highest in at least two decades, according to a survey published on Monday as the Bank of England considers whether to head off inflation pressure with an interest rate hike this week.
Trade body Make UK and accountants BDO said a net balance of 52% of manufacturers had increased their prices in the final three months of the year, up from 50% three months earlier and the fourth quarterly rise in a row.
It was the highest reading since the survey began asking questions about prices in 2000, pushed up in large part by global supply chain problems since the COVID-19 pandemic, and the share was likely to rise further to 58% in early 2022.
Domestic market orders outpaced export orders but demand for both was slowing, the survey showed.
Make UK said it remained positive about manufacturing output growth for next quarter…