Britain’s factory prices rise more than forecast
Factory output prices rose more than expected in April and core prices also jumped compared to the previous month. Data published by the Office for National Statistics showed output producer prices rose 0.7% in April from 0.6% the previous month against consensus for 0.4%. Compared to the previous year output prices also grew faster than forecast.
Monthly core prices jumped 0.6% from 0.1% versus a forecast for 0.2% while year-to-year core prices were up 2.3% against consensus for 1.9% from 2.5% previously. Today’s data evidenced that high oil prices are keeping inflation from easing. Concern is now increasing that inflation won’t slow as much as the Bank of England forecasted for this year and will likely refrain policymakers from reverting to further easing.
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