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U.K. Homebuilding Drives Construction Growth to 24-Year High

Retail As U.K. Inflation Ticks Higher With Household Goods, Food Costs
Photographer: Anthony Devlin/Bloomberg

Britain’s construction industry expanded at the fastest pace in 24 years, driven by a surge in homebuilding that’s starting to push up inflation.

IHS Markit said its key index of purchasing managers jumped to 66.3 in June. Economists had forecast a modest slowdown. The strength of demand strained the ability of supply chains to keep up and fueled the biggest increase in purchasing costs since the survey began in 1997.