Source: ForexYard
The producer price index (PPI) input and output data was released by the UK’s Office of National Statistics this morning and revealed a potential decline in the inflationary growth of raw materials. The price paid by manufacturers for the purchase of raw materials dropped 1.9% this month, lower than the forecast decline of 1.6%.
The input data translated to a slower increase in the price of goods sold by manufacturers as well. The percent change in output prices rose by only 0.1% this month instead of the expected 0.2% growth. The data signals a potential contraction in manufacturing growth which could translate into fewer jobs and a sluggish economy in Britain.
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