–UK May Producer Output Prices +0.2% m/m; +5.3% y/y
–UK May Core Output Prices 0.2% m/m; +3.4% y/y
–UK May Producer Input Prices -2% m/m; +15.7% y/y
LONDON (MNI) – UK input prices declined at their fastest rate for
two years in May as the price of crude oil fell sharply, data released
by National Statistics Friday showed.
Input prices were down 2% on the month in May and were up 15.7% on
the year. Analysts had forecast a smaller monthly drop of 1% on the
month and increase of 16.1% on the year.
Crude oil prices fell 7.6% between April and May, the largest
monthly drop since December 2008, although were still up 37% on the
year.
There was also downward pressure from imported metal prices which
fell 0.8% as well as fuel prices which fell 0.7% on the month.
Oil prices have risen sharply in the past week following a decision
buy OPEC not to increase output, suggesting this latest data is unlikely
to allay fears over rising inflationary pressures.
Headline output prices rose 0.2% on the month in May and were up
5.3% on the year. This was a little below the median for a 0.4% monthly
rise and 5.4% increase on the year.
Core output prices, which exclude petrol and food, also rose 0.2%
on the month and were up 3.4% on the year. Analysts had forecast a rise
of 0.3% on the month and 3.4% on the year.
Food prices rose 0.6% between April and May while other
manufactured product prices increase 0.5%.
Petroleum product prices were down 0.7% on the month, the largest
fall since June 2010, as the cost of diesel and gas oil decreased.
–London bureau: 0044 20 7634 1624; email: drobinson@marketnews.com
[TOPICS: MT$$$$,M$B$$$,MABDS$]
