UK's output prices rose 2% on a yearly basis in March, slower than the 3% increase seen in February, a report from the Office for National Statistics showed Thursday. Economists had expected output price inflation to ease to 2.1%.

Month-on-month, output prices edged up 0.1%, after remaining flat in February.

The output price index excluding food, beverages, tobacco and petroleum rose 3.3% in the year to March compared to 3.7% in February.

At the same time, the input price index for materials and fuels purchased by manufacturing industry fell 0.4% from the previous year, reversing 1% increase in February. From previous month, prices rose 1%. Economists were looking for an annual 0.7% fall and a 0.9% monthly increase.

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