Price rises fuel inflation fears

Inflation fears were fuelled after an industry survey showed manufacturers prices rising at a record pace in February.

Factory gate prices increased at their fastest rate in more than eight years as firms struggled with higher costs, according to the Chartered Institute of Purchasing and Supply (CIPS).

The survey will add to expectations that the Bank of England Monetary Policy Committee (MPC) will hold rates at 5.25% on Thursday due to lingering inflation concerns,
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The CIPS output prices index rose to 59.9, the highest since it began collecting data in November 1999. A reading over 50 indicates growth.

Capital Economics UK economist Paul Dales said: MPC will be very concerned that despite the clear weakening in the activity environment,
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Economist Howard Archer, of Global Insight,
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But, he warned: very bad news, which is likely to fray nerves at the Bank of England, is that price pressures picked up markedly.

the output prices index jumped to the highest level since the survey began in 1999,
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