The UK manufacturing sector contracted in March

Manufacturing output in the UK was reported to have contracted in March this year.

The Manufacturing Purchasing Managers (PMI) data released by S&P Global/CIPS was reported to have decreased to 47.9 in March this year.

In the previous month (February), the UK manufacturing PMI had hit a 7-month high of 49.3.

While above 50 is considered sectoral growth in the PMI data, below this level it is interpreted as sectoral contraction.

In the statement, “The decrease in production was due to falls in both the consumer goods and intermediate goods sectors. In contrast, the production of investment goods increased for the second consecutive month. statement was included.

INFLATION NEAR THE 40-YEAR PEAK

Last month, the Bank of England (BoE) announced that it had increased the official interest rate from 4 percent to 4.25 percent.

In February this year, inflation in England rose to 10.4 percent, approaching the highest level in 40 years.

Last month, the country experienced the largest increase in food prices in the last 45 years with 18.2 percent. (AA)