A survey conducted by Make UK and BDO from November 3 to 24 revealed that the number of British manufacturers who decided to raise prices reached the highest level in the last two decades.
According to the survey, in the last three months of 2021, 52% of British manufacturers raised their prices, which was due to problems in the global supply chain. Three months earlier, about 50% of producers reported an increase in prices. In general, the increase in the share of these manufacturers has been recorded for the fourth quarter in a row. In addition, the value at 52% is the highest since 2000, while the survey revealed that the share of producers who will raise prices is likely to increase to 58% at the beginning of next year.
Meanwhile, Make UK has lowered its forecast for manufacturing production for 2021, and now expects growth of 6.9%. As for next year, production is likely to increase by 3.3%. According to the latest data, in October, manufacturing production remained 2% below the level that was observed before the pandemic.
In addition, BDO reported that orders and production volume remained very positive compared to historical levels, but prices for raw materials, labor, logistics and inflation "stabilized for a long time."