US inflation hits 5.4% in July
TSales of oil rolls hit an all-time high last year as Britons spent more than £ 1.3bn on essential health goods, sparked by panic buying at the start of the pandemic, writes Tim Wallace.
Purchases have exploded by nearly 18% as affected families packed more than 855,000 tons of essential fabrics in their bathroom cabinets during 2020, according to the Office for National Statistics.
But even as paper sales were on a roll, billions of pounds were wiped out from other manufacturers’ sales.
UK auto factories found motor vehicle sales fell by a quarter to £ 39.5 billion.
Civilian aircraft parts fell by nearly a third, to £ 6.5 billion.
But pharmaceuticals soared from over £ 1 billion to almost £ 15 billion for the year.
Even as demand returns to something closer to normal sales after the economy reopens, Fhaheen Khan, senior economist at manufacturing group Make UK, said the sector was facing further pressures on supply lines.
“As we return to what appear to be more normal demand patterns and the panic buying rush and hoarding subsides, manufacturers must now turn their attention to securing a supply of critical inputs, including various metals. and plastics, which are becoming increasingly scarce or suffering from long production delays, ”she said.
“The end result is a very potent cocktail that manufacturers aren’t used to. In the short term, this will likely lead to some price inflation for consumers until supply chains stabilize. “