UK businesses pushed to raise prices amid record jump in costs

Analysts say reports of high demand and jobs growth could give green light for interest rate rise

British companies came under intense pressure to push up prices this month after they suffered the fastest rise in the costs of production on record.

Steep increases in the price of raw materials, higher fuel costs and strong wage demands in November combined to increase the average cost burden at the most rapid rate since 1998 when comparable records began.