British manufacturing cost pressures surge as output growth slows

British manufacturing cost pressures increased for the first time ​in four months in September, even as output grew ‌at its slowest pace since March, according to a report based on purchasing managers’ data. Factories reported the broadest rise in input costs ​since June while increases in prices charged also ​picked up speed, the S&P Global Purchasing Managers’ Index ⁠report showed. “The big shift in September was in the ​survey’s price measures, which switched from signalling a decline ​in inflationary pressures to a renewed uplift,” Rob Dobson, director at S&P Global Market Intelligence, said. The survey’s headline reading edged up to 51.9 ​in September from 51.7 in August but its output ​gauge slowed to 51.5 from 52.1, its second monthly slowdown in ‌a ⁠row. Investors expect the Bank of England to raise interest rates in November after warnings from Governor Andrew Bailey and other top officials that the energy spike caused by the ​Iran war threatens ​to stoke ⁠broader inflation. Business confidence was below August’s six-month high, reflecting concerns about the geopolitical, economic ​and domestic policy outlooks Employment expanded for the sixth ​consecutive ⁠month due to improved new orders and a desire to reduce backlogs of work but the pace of hiring was ⁠softer ​than August’s two-year high. The PMI data ​was based on responses from firms between September 10 and September 25.