Factory gate prices were up 0.3 per cent in June 2023. On a monthly basis, input prices fell by 0.4 per cent, while output prices rose by 0.1 per cent, the Office for National Statistics (ONS) said in a press release.
Despite the negative annual inflation rates, index levels for both input and output prices have remained substantially high since July 2022. The small decreases in the past few months have led to a fall in the annual inflation rate, even as index levels remain elevated.
Other factors impacting inflation include the decrease of 38.8 per cent in the price of crude oil, and decreases in metals and non-metallic minerals, while inputs of other parts, equipment, and fuel partially offset these downward contributions. The monthly inflation rate of materials and fuels imported by UK manufacturing decreased by 0.7 per cent.
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