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Official figures out today showed that factory gate inflation hit double digits for the first time on record, as manufacturers' costs jumped by a record 30% - due to the soaring cost of oil and food.
The Office for National Statistics said manufacturers' output prices rose 0.9% in June from the previous month, mainly because of higher oil and petrol prices. This pushed the annual rate up to 10%, the highest since records began in 1986.
The cost of oil and petrol surged by 34% last month