Financial News: UK Manufacturing Output Falls; Selling Price Inflation Exp

UK Manufacturing Output Falls; Selling Price Inflation Expectations Slow: CBI

02/21/2023 - 07:25:00 (RTTNews)

(RTTNews) - The UK manufacturing output declined in February at the fastest pace since September 2020 and selling price expectations slowed to the lowest since early 2021, survey data showed on Tuesday.

A net balance of -16 percent of manufacturers said output volumes declined in three months to February compared to -1 percent in three months to January, the Industrial Trends Survey from the Confederation of British Industry revealed. This was the weakest balance since September 2020.

Nonetheless, manufactures expect output to rise moderately in three months to May, with the balance rising to +7 percent.

Further, the survey showed that the order book balance rose marginally to -16 percent in February from -17 percent in January. But this was weaker than economists' forecast of -14 percent.

Manufacturers' expectations regarding their selling prices for the coming three months slowed to the lowest since May 2021. The corresponding balance came in at +40 percent compared to +41 percent in January.

"Conditions in manufacturing remain challenging, with output disappointing and order books having thinned out since late last year," Anna Leach, CBI deputy chief economist, said. However, if growth is set to return on a sustainable basis, then manufacturers need more than the boost some will receive from lower energy prices over the winter season.

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