RTTNews - Friday, the Office for National Statistics said output prices for all manufactured goods in the U.K. dropped 0.3% year-on-year in May, reversing a 1.3% rise in April. This was the first annual decrease since July 2002. Economists were expecting a 0.4% fall.

The index climbed 0.4% between April and May, reflecting rises in petroleum product prices, other manufactured product prices and tobacco and alcohol. The monthly growth rate matched economists' expectations.

Excluding volatile items, output prices were up 1.2% in the year to May, compared with a 2.5% increase in April. The annual growth in May was weakest since December 2005.

Further, the ONS said input prices moved up 0.4% in May from the prior month, much slower than the 4.4% increase seen in the same period of previous year. Annually, input prices dipped 9.4% versus 5.8% decline in April.

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