A survey released on Wednesday showed that more British manufacturers reported rising costs last month than at any time in the last 30 years, underscoring pressure on the Bank of England to boost interest rates.

The IHS Markit CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose to 58.1 in November from 57.8 in October.

Although being lowered down from a preliminary "flash" reading of 58.2, the survey showed a mainly improved picture for British manufacturers, marked by increased orders and employment.

However, as firms struggled with global supply chain issues, the PMI's measure of factory costs, which has historically been a solid indicator of official producer input price inflation, climbed to its highest level since records began in 1992.

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Costs in the UK's services industry are rising at the quickest rate in over 20 years, according to a Confederation of British Industry survey released earlier this week.

The BoE is keeping a careful eye on indicators of economic cost pressure.

While it has stated that increasing borrowing costs have no impact on energy prices paid by businesses and consumers, some of its policymakers are afraid that high inflation may tarnish its credibility in the eyes of the public.

A survey released earlier on Wednesday found that British retailers raised prices for the first time in more than two years in November, as the pandemic's impact on global supply chains and workforce availability drove up inflation for consumers.