06:41 ET<\/span>
\n<\/span><\/p>\nThe UK’s manufacturing sector maintained its recent record pace of growth in February, according to the latest Markit\/Chartered Institute of Purchasing and Supply (CIPS) survey.<\/p>\n
The purchasing managers’ index for the sector stood at 61.5 in February. A reading above 50 indicates expansion.<\/p>\n
The figure was the same as January’s downwardly revised number, and the highest since the survey began in 1992.<\/p>\n
However, the survey also found that inflationary pressures were persisting.<\/p>\n
The survey’s input cost index, which reflects the cost of raw materials such as cotton and metals, recorded a level of 83.7, down slightly from January’s figure of 84.1.<\/p>\n
But with raw material costs rising, one economist called the dip “a red herring”. <\/p>\n
“Clearly raw material prices are surging on global commodity price trends,” said Investec’s Philip Shaw.<\/p>\n
Rate pressure<\/span><\/p>\nUK manufacturing has benefited from a Europe-wide recovery in the sector and from the fall in the value of sterling, analysts say.<\/p>\n
However, there are worries that the rising cost of raw materials will hinder the recovery, and if price pressures are passed on to customers then analysts say the Bank of England will be more likely to raise interest rates sooner rather than later.<\/p>\n
“The UK manufacturing sector maintained its strong start to the year in February,” said Rob Dobson, senior economist at Markit.<\/p>\n
“However, the strong performance of the sector, which makes up 13% of UK GDP compared to 52% for non-government services, can only partly offset the weaker parts of the economy such as services and construction.<\/p>\n
“The latest data also confirm that input cost and output price inflationary pressures remain elevated, which may raise a further eyebrow amongst the members of the Bank of England’s Monetary Policy Committee.”<\/p>\n<\/p><\/div>\n<\/p>\n
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