A record number of manufacturers raise their prices raising new concerns about the cost of living










Record numbers of manufacturers have increased their prices. This raises new concerns about living costs. 

The pandemic caused a rise in material demand, which has led to higher prices for factories. Supply chain lockdowns have wreaked havoc and logistic firms are struggling to hire staff. 

Some 52 per cent of manufacturers are reporting higher prices for UK goods in the fourth quarter, according to the industry body Make UK and accountancy firm BDO, up from 50 per cent in the third quarter – the highest balance since the survey began in 2000, and up from just 5 per cent before Covid hit. 

Record numbers: Some 52 per cent of manufacturers are reporting higher prices for UK goods in the fourth quarter

Record numbers: Some 52 per cent of manufacturers are reporting higher prices for UK goods in the fourth quarter

An average of 58% expects prices to rise in the first quarter, 2022. 

Richard Austin of BDO said that although orders and output remain very good, costs pressures will continue to mount for the long-term. 

The Bank of England is expected to make an announcement about interest rates Thursday. 

Market participants expect that rates will remain at 0.1% despite inflation fears. This is to avoid the Omicron variant of economic collapse.

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