FXstreet.com (Barcelona) - Prices at producer level have grown well above expectations in the UK from April to May driven by higher petroleum and other materials' prices, as the latest report by National Statistics shows.
The output price for manufactures products has increased 1.6% in May, instead of the 0.8% rise forecasted by the experts. From May 2007, producer prices -output have grown 8.9%, after a 7.6% increase posted in April. The output price index excluding excise duties has risen 9.2% on the year, 1.4% on the month.
Excluding food, beverages, tobacco and petroleum, the input prices index has increased 5.9% on the year, 1.2% between April and May.
Input prices have risen 3.5% month on month and 27.9% year on year. The monthly rise for input prices has been mainly due to the rise on the price of oil. Prices for imported materials, including oil rose 2.7% from April to May.