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From the Daily Mail

Factory gate prices surged at their fastest pace since records began more than 20 years ago during April, official figures showed today.

Soaring petrol costs, Budget tax hikes on alcohol and tobacco as well as rising steel scrap prices pushed up output prices 1.4 per cent between March and April, according to the Office for National Statistics (ONS).

This is the highest monthly increase since records began in 1986 – likely to fuel inflation concerns among Bank of England policymakers and jolt hopes of interest rate cuts.

The price hikes lifted the annual rate of increase to 7.5 per cent in the 12 months to April – also a record – as surging food product costs added to the pressure.

Most economists expect rates to fall to 4.75 per cent next month, but the gloomy figures add to fears that the Bank’s hands will be tied by its inflation-watching mandate.

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