UK manufacturers’ costs and their selling prices rose at the fastest rate on record in April, official data showed on Monday, raising doubts over the Bank of England’s scope to cut interest rates next month.

The Office for National Statistics said producers’ output prices rose 1.4 per cent last month, taking annual inflation at the factory gate to 7.5 per cent. Input prices rose 2.4 per cent between March and April, seasonally adjusted, taking the annual rate of increase to 23.1 per cent.