UK CPI up 7.9% in 12 months to Jun; producer input prices fall 2.7%

Producer input prices fell by 2.7 per cent in the year to June 2023, down from a rise of 0.4 per cent in the year to May. Producer output (factory gate) prices rose by 0.1 per cent in the year to June 2023, down from a rise of 2.7 per cent in the year to May.

On a monthly basis, producer input prices fell by 1.3 per cent and output prices by 0.3 per cent in June this year.

Core CPI—excluding energy, food, alcohol and tobacco—rose by 6.9 per cent in the 12 months to June 2023, down from 7.1 per cent in May, which was the highest rate since March 1992.

Inputs of crude oil and petroleum products provided the largest downward contributions to the change in the annual rates of input and output inflation respectively.

While annual producer price inflation rates have been slowing in recent months, and prices in some sectors have started to fall, the index levels for both input and output prices remain substantially higher than their 2021 levels.

ALCHEMPro News Desk (DS)