–Adds detail on output prices to story transmitted at 0830GMT
–May producer output prices +0.3% m/m; +5.7% y/y
–May core producer output prices +0.1% m/m; +4.4% y/y
–May producer input prices -0.6% m/m; +11.2% y/y
LONDON (MNI) – Input prices posted their firstly monthly decline
since September last year as the price of crude oil fell sharply,
figures released by National Statistics revealed Friday.
With output price inflation also falling this month, this latest
data may help to ease fears over growing inflationary pressures in the
economy.
Input prices fell 0.6% on the month in May and were up 11.2% on
the year, down from 13.1% in April. The drop was broadly in line with
the median forecast for a fall of 0.7% on the month and an increase of
10.9% on the year.
Crude oil prices declined 6.7% on the month in May, the largest
monthly decreases since December 2008. Compared to a year earlier prices
were up 38.1% the lowest annual rise since November 2009.
Output prices rose 0.3% on the month in May causing inflation to
decrease to 5.7% from 5.9%. Analysts had expected to see an increase of
0.5% on the month and a rise of 5.8% on the year.
The rise on the month was mainly due to increases in the price of
most product groups especially petroleum and alcohol prices.
Both petroleum product prices and tobacco and alcohol prices rose
0.9% on the month in May.
Other manufactured product prices fell 1.1% between April and May,
the largest decline since June 2009, mainly due to a fall in the price
of scrap metal.
Core output prices which exclude food, beverages, tobacco and
petroleum rose 0.1% on the month and were up 4.4% on the year, down from
4.5% in April. Analysts had expected to see an increase of 0.4% on the
month and 4.7% on the year.
–London newsroom 4420 7862 7492 email: drobinson@marketnews.com
[TOPICS: MABDA$,M$B$$$,MT$$$$,MABDS$]
