LONDON (Reuters] – British companies reported higher prices last month than any time in the past 30 years, according to a survey released Wednesday. The results highlight the pressure on Bank of England to hike interest rates.

IHS Markit CIPS UK Manufacturing PMI (Purchasing Managers Index) rose to 58.1 in November from 57.8 October.

Although revised from an initial flash reading of 58.2, this survey revealed a generally improving picture for British manufacturing, with rising orders and increased employment.

The PMI’s measurement of factory costs was up to its highest point since 1992, when records were first made. This is because businesses had to deal with problems in global supply chains.

An earlier Confederation of British Industry survey revealed costs increasing at an unprecedented rate for British firms operating in the services sector.

The BoE keeps an eye on economic cost pressures.

Although it claims that higher interest rates cannot affect energy prices for consumers and businesses, its policymakers worry about high inflation.

On Wednesday, British retailers raised prices in November for the first time since 2002. This was due to the impact of the pandemic on global supply chains.