The manufacturing group EEF has warned that inflation data has shown “an ever increasing squeeze on manufacturers” due to rising input costs, including the price of oil.
Remarking on statistics from the Office for National Statistics (ONS). EEF said “Any respite is unlikely during 2017 as increased input costs will continue to bite into profit margins in the year ahead. Manufacturers will employ a range of strategies to counter this drag but, with some of these costs already being passed on to consumer […]”
The groups 2017 Executive Survey reported that 80% of manufacturers are worried that upward pressures on input prices will affect profit margins.