UK's output price annual inflation slowed to 1.2% in April, marking the lowest annual rate since April 2004, the Office for National Statistics reported Friday. Economists were expecting annual inflation to ease to 0.7% from March's 2%.

Between March and April, output prices were up 0.6%, which is the highest monthly growth since June 2008, when it grew 0.8%. Consensus forecast for April was 0.2%.

Reflecting a decrease in fuel cost, the input price index for materials and fuels purchased by manufacturing industry showed a 1% monthly fall compared with a 3.9% increase in the same period of previous year. Overall input prices slipped 5% annually, the biggest fall in 7 years.

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