Staff of Reuters Read for 2 minutes At sunset in Rugby, Britain, smoke rises above a factory. The date is February 10, 2021. REUTERS/File Photo/Matthew Childs (Reuters) – LONDON (Reuters) – According to a study released on Thursday, Britain’s industries extended their post-lockdown recovery in June and increased hiring, but they still faced unprecedented inflation pressures due to supply chain concerns created by the coronavirus outbreak. From an all-time high of 65.6 in May, the IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 63.9. It was also slightly lower than a preliminary “flash” value of 64.2 in June. Following the lifting of COVID-19 restrictions in the United Kingdom and elsewhere, the rate of expansion in output, new orders, and employment remained among the greatest in the survey’s nearly 30-year history. However, the combination of rising demand and persisting social-discrimination requirements slowed supply chains and fueled inflationary pressures, according to IHS Markit. Chemicals, electronics, energy, food items, metals, polymers, and lumber all saw their prices rise at the quickest rate on record. As a result, since the numbers were originally collected in November 1999, selling prices have risen the highest. Last week, the Bank of England stated that a spike in consumer price inflation in the United Kingdom had more room to run but would be temporary, as it maintained its massive monetary stimulus program. The final PMIs for the services and construction industries are due next week on Monday and Tuesday. William Schomberg contributed reporting, and Catherine Evans edited the piece./n
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