Latest News Fri, May 20, 2022 6:57 AM
UK manufacturing output grew at its fastest pace in ten months over the quarter to May.
Output still failed to keep pace with demand, however, as the volume of stocks of finished goods became less adequate compared with last month.
The balance of firms expecting to raise selling prices in the three months ahead increased slightly, moving closer to March’s record high.
The survey, based on the responses of 249 manufacturers, found:
Anna Leach, CBI Deputy Chief Economist, said: “Manufacturers have reported output growth and order books improving in May. But cost pressures remain acute and are pushing manufacturers to raise prices. Sentiment among manufacturers has fallen in recent months as the outlook has deteriorated following Russia’s invasion of Ukraine, and investment plans are being scaled back.
“Rising costs are hitting consumers and businesses alike, and the Government can and must take action now to support the economy through the challenging months ahead. Putting pounds in the pockets of people already struggling should not be delayed, and must be coupled with action to support firms’ cashflow and to stimulate investment.”
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