-Adds Detail To Version Transmitted At 0830 GMT
-UK May producer output prices -0.2% m/m; +2.8% y/y
-UK May producer input prices -2.5% m/m; +0.1% y/y
LONDON (MNI) – A sharp fall in oil prices drove UK input prices
lower in May, forcing the yearly rate down to its lowest level since
September 2009.
Input prices fell 2.5% on the month, with the drop almost entirely
due to the fall in crude oil prices, which knocked 2.2 percentage points
off the monthly move. Output prices fell 0.2% on the month, with the
data highlighting the rapid diminution of pipeline inflation.
The 2.5% monthly fall in input prices was the largest since
December 2008 and left input prices up just 0.1% on the year, the lowest
annual rate since September 2009.
After oil, the next largest contributor to the monthly move in
input prices was imported metals, which knocked 0.21 percentage point
off, falling 2.7% on the month.
On the output price side, the yearly change dipped to 2.8% in May
from 3.2% in April, the lowest reading since November 2009.
Petrol prices had by far the largest downward effect, knocking 0.31
percentage points off the monthly rate.
Core output prices in May fell to 2.1% from 2.3% in April, hitting
their lowest level since January 2010. Core output prices were flat on
the month.
Food ouput price inflation eased, dropping 3.3% on the year in May
from 3.6% in April, hitting its lowest level since November 2010.
All the producer output and input price reading were lower than
analysts’ median forecasts.
-London bureau: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
