UK January PPI output NSA +0.1% vs +0.2% m/m expected
Latest producer price index figures released by ONS - 13 February 2018
- Prior +0.4% m/m
- PPI output NSA +2.8% vs +3.0% y/y expected
- Prior +3.3% y/y
- PPI input NSA +0.7% vs +0.6% m/m expected
- PPI input NSA +4.7% vs +4.1% y/y expected
- PPI output core NSA +0.3% vs +0.2% m/m expected
- PPI output core NSA +2.2% vs +2.3% y/y expected
- House price index (Dec) +5.2% vs +4.9% y/y expected
Some decent prints on producer prices, but the key as mentioned is the core inflation reading. That was better than expected, but sterling already caught a bid prior to the data release. Cable popped to 1.3902 upon the release but is back down now to 1.3880.
Anyway, back to the report. Input prices were higher than expectations, but were lower compared to prior reading - which was adjusted to +5.4% y/y. That should by right soften inflationary pressures as it translates to the economy and to consumers.