UK manufacturers face record cost inflation

UK manufacturers are experiencing the most significant surge in cost inflation since 1992, a period known as 'Black Wednesday.' This sharp increase is attributed to rising oil prices, exacerbated by geopolitical tensions related to the Iran war. The Purchasing Managers' Index (PMI) figure highlights the severe impact on the manufacturing sector and the broader economy. Businesses are grappling with escalating input costs, which could lead to reduced output, price hikes for consumers, and potential supply chain disruptions.