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The Markit/CIPS U.K. Manufacturing Purchasing Managers' Index shows new orders expanded at a brisk pace in January and output rose at the fastest rate since May 2014.
However, input cost inflation rose to a record high and output charges saw one of the steepest rises in the index’s history.
Overall, the seasonally adjusted index registered 55.9 in January, just below December's two-and-a-half year high of 56.1, meaning the overall PMI has remained above the neutral mark of 50.0 for six straight months.
While the rate of growth in new business slowed slightly following the prior month’s high, it remained well above average, with the domestic market providing the bulk of new business wins in January. New export orders also rose, although more slowly than in December.
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