UK producer prices rise higher than forecast

| February 11, 2011 | 0 Comments

The Office for National Statistics (ONS) today revealed producer output prices increased 4.8% on an annual basis in January - higher than expectations of a 4.4% gain.

Meanwhile, producer input prices for January were 13.4% higher on an annual basis - the biggest rise in more than two years.

It was also higher than forecasts of a annual rise to 12.6%.

The increases were attributed to higher costs of oil and imported metals and materials.

The figures will no doubt unnerve the Bank of England’s Monetary Policy Committee, who yesterday opted to keep interest rates at the record low of 0.5% despite soaring inflation.

In other news today, the ONS revealed construction output fell 2.5% in the final quarter of the year, while on an annual basis, output was 8% higher.

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