UK manufacturers hit by sharpest rise in cost inflation since Black Wednesday in 1992

Energy-intensive companies such as foundries have been affected by the rise in costs driven by higher oil prices. Photograph: Christopher Furlong/Getty Images

The UK’s manufacturers have suffered the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992 as conflict in the Middle East has driven up oil prices, new survey evidence shows.

The closely watched purchasing managers’ index (PMI) lays bare the impact of the conflict on the UK economy, with growth slowing sharply across manufacturing and services and costs rising.