24 February 2011 | Lindsay
Clark
Input
prices in manufacturing across the eurozone reached their highest level for
nearly 14 years this month.
Higher
food, energy, fuel, metals and other commodity costs were widely reported
among buyers, the Markit Flash Eurozone Purchasing Managers’ Index for February
shows. The survey found the input price index - where a figure above 50
indicates growth - scored 85.7 during February.
The
rising costs are set against a backdrop of strong growth in the eurozone
economies. The composite output index - based on around 85 per cent of usual
monthly responses - rose from 57.0 in January to 58.4 this month. This figure
signals the strongest monthly expansion in the region since July 2006, the
research firm said.
The
data also revealed that while growth continued to be driven by Germany,
expansion in more peripheral eurozone nations was picking up and the
differences between economies in the bloc were starting to narrow.
Chris
Williamson, chief economist at Markit, said: “Faster eurozone growth was
accompanied by a further surge in price pressures in February. The jump in
rates charged for goods and services was the largest recorded by the survey,
highlighting the speed with which prices are being driven higher by rising
food, oil and other commodity prices.”
