DUBLIN – Irish manufacturing progress cooled in Could as provide points pushed enter prices to a near-record excessive and better costs dampened consumer urge for food, a survey confirmed on Wednesday.
The AIB S&P World manufacturing Buying Managers’ Index (PMI) fell to 56.4 from 59.1 in April. Any determine above 50.0 signifies an enchancment in manufacturing circumstances, however the fee of enchancment was the slowest since February final yr.
AIB‘s chief economist Oliver Mangan mentioned there was a transparent easing in progress momentum from the elevated ranges of the previous yr, however the drop was in keeping with the broader euro zone and UK the place flash PMIs for Could fell to 54.4 and 54.6, respectively.
He mentioned order progress slowed, and backlogs of labor at Irish manufacturing corporations declined for the primary time in 15 months. Some respondents mentioned that rising costs had been weighing on demand.
“Enter costs rose at their second-fastest tempo on document, with marked will increase in uncooked supplies, power and gas prices,” Mangan mentioned. “Confronted with surging enter costs, producers raised their very own costs by a survey-record diploma for a 3rd successive month.”
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