Factory gates prices see sharp rise – Press Association – #uktextiles

Consumers are braced for more pain after a report revealed factory gate prices rose at their fastest rate since October 2008.

Manufacturers increased their prices by 0.9% between February and March, leaving them 5.4% higher than a year ago as they passed on the soaring cost of oil, food and other commodity prices, according to the Office for National Statistics.

This led to record annual prices hikes for paper products, clothing, textiles and leather in March, while food was up 7.4% year-on-year in its biggest hike since January 2009.

The higher-than-expected rate of factory gate price rises was announced the day after the Bank of England resisted pressure to hike interest rates from its record low of 0.5% in a bid to beat down inflation.

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