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2/19, 10:32 AM (Source: TeleTrader)
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UK producer prices rise 0.3% in January

The producer price index (PPI) rose by 0.3% in the United Kingdom in the 12 months to January, the Office for National Statistics (ONS) said in its report released on Wednesday.

Meanwhile, the output producer price index grew by 1.1% in the 12 months to January 2020, up from 0.9% in December 2019. The input producer price index went up by 2.1% in the 12 months to January 2020, up from 0.9% in December 2019. This is the highest rate since April 2019, with crude oil providing the biggest addition to the annual rate of input inflation.

ONS Head of Inflation Mike Hardie commented that the "rise in inflation is largely the result of higher prices at the pump and airfares falling by less than a year ago. In addition, gas and electricity prices were unchanged this month, but fell this time last year due to the introduction of the energy price cap." He added that the "annual house prices grew across all regions of the UK, the first time this has happened in nearly two years, with London seeing its strongest growth since October 2017."

Breaking the News / TF