Manufacturers Raise Prices at Fastest Pace Since 2011

February 1, 2017 Share Print 0

Sterling’s fall since Britain voted to leave the European Union stoked the sharpest rise in factory costs on record last month but offered little boost to exports, tainting otherwise robust manufacturing growth at the start of 2017.

Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) edged down to 55.9 from December’s 2-1/2 year peak of 56.1, matching the consensus forecast in a Reuters poll.

The survey out on Wednesday suggested Britain’s economy continues to expand at a solid rate after outpacing its rivals last year, with the PMI’s gauge of manufacturing output pointing to the fastest growth since May 2014.

Reuters

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Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.