The rate of increase in factory gate prices appears to be stabilising now that manufacturing input costs have largely fallen month-on-month since January. The annual rate of factory gate price inflation (output prices) remained at 3.6% for the third consecutive month and slowed on the month to 0.1%, from 0.4% in March and April. The annual rate of inflation for materials and fuels (input prices) fell back to 11.6% in May, continuing its decline from 19.9% in January 2017 following the recent strength of sterling.
UK CPI increased to 2.9%
UK consumer prices were reported by the Office for National Statistics (ONS) at 04:30 ET and the data showed prices rose 0.3% in May compared with an expected increase of 0.1% for the month. The year-over-year inflation rate increased to 2.9% from 2.7%, above consensus forecast for an unchanged reading at 2.7%. At 2.9%, the annual rate of inflation rose to a 4-year high in May. The ONS reported that food, energy and recreational costs helped increase the inflation rate.
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