Orders for Britain’s manufacturing industry fell this month by the fastest pace since November, and expectations for future price growth fell, a survey showed on Tuesday.
The Confederation of British Industry’s (CBI) monthly measure of industrial orders fell to -33 from -23 in April, despite the biggest rise in output since November 2022. A Reuters poll showed a reading of -20.
A survey of sales price expectations fell to +15 in May from +27, the lowest level since January, which Bank of England officials are likely to see as good news as they plan to cut interest rates in the coming months.
“Manufacturers plan to ramp up production over the summer months, but any recovery is expected to be fairly gradual, with thin order books and relatively high inventory levels,” said Anna Leach, deputy chief economist at IWC.