March 22, 2023 11:03 GMT
CBI Industrial Trends Survey Points to Cooling PPI
UK MAR CBI INDUSTRIAL TRENDS TOTAL ORDERS -20 (FCST -15); FEB -16
UK MAR CBI INDUSTRIAL TRENDS SELLING PRICES +25 (FCST 37); FEB 40
- The CBI industrial trends survey for March found manufacturers selling price inflation expectations cool to their lowest in two years, whilst new orders weakened further.
- Selling price expectations eased markedly (-20% from -16%), albeit remaining historically elevated.
- This follows the February PPI data release this morning, which saw output PPI fall by -0.3% m/m and ease by 1.4pp to +12.1% y/y. Falling crude oil and petroleum prices drove factory-gate inflation lower in February.
- Weak new orders continue to hamper the UK industrial sector in March. Total order books deteriorated further to their weakest level since February 2021. For now, forward-looking three-month expectations remain positive. Friday's March flash PMI will provide further insight.
Keep reading...Show less