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Factory prices continue to soar

12 May 2008

The chances of a back-to-back cut in interest rates has receded after data revealed factory prices rose at their fastest rate for at least nine years. The Chartered Institute of Purchasing and Supply (CIPS) said rising costs pushed its reading on manufacturers' output inflation to 61.9 last month, the highest since records began in 1999. A figure above 50 represents growth. The rate of increase in factory gate prices has set new highs every month this year. CIPS also said the rate of raw material inflation faced by firms in the sector rose to 78.5 last month - the second highest reading on record - with soaring costs for raw materials such as metals, chemicals, energy and food products blamed for the pressure. Members of the Bank of England's monetary policy committee meet next week to decide whether to cut rates from 5%. Three cuts from 5.75% - including one last month - have been made since December, but the committee remains wary of fuelling inflationary pressures by cutting rates too quickly. Copyright © PA Business 2008

 

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