Since January 2020, the first decline in input prices was seen due to weak demand for inputs.
New orders also contracted for the thirteenth successive month during March, marking weak demand conditions and the postponement of client orders due to inflationary pressures.
Meanwhile, output fell at a solid rate at the end of the first quarter following reduced new orders. Input costs decreased for the first time since early-2020 and at the sharpest rate for almost seven years. Additionally, employment level fell for the sixth consecutive month at a strong rate.
On a positive note, despite challenging demand conditions, production expectations for the coming year picked up to the highest since May 2022.
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