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The U.K. manufacturing sector continued to expand at the start of the year, albeit at a slower than expected pace, survey data from Markit Economics showed Friday.
The Markit/Chartered Institute of Purchasing & Supply Purchasing Managers' Index came in at 50.8 in January, down from a 15-month high of 51.2 in December.
Also, the reading was below the expected level of 51. Nonetheless, the index remained above the neutral 50.0 mark for the second month running.
Driven by an increase in new orders, manufacturing output expanded at the fastest pace since September 2011.
On the price front, average input prices rose for the fifth successive month in January. Part of the increase in costs was passed on to clients in the form of higher average selling prices.
However, companies continued to exhibit a degree of cost caution with regard to purchasing activity.
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