UK’s producer input prices up by 16.5% YoY in December 2022: ONS

UK’s producer input prices increased by 16.5 per cent in the year to December 2022, down from 18 per cent in the year to November 2022 and 20.2 per cent in the year to October 2022, according to the Office for National Statistics (ONS). The country’s producer output (factory gate) prices rose by 14.7 per cent in the year to December 2022, down from 16.2 per cent in the year to November 2022 and 17.5 per cent in the year to October 2022.

On a monthly basis, input prices decreased by 1.1 per cent in December 2022 and output prices decreased by 0.8 per cent in December 2022.

UK’s producer input prices increased by 16.5 per cent in the year to December 2022, down from 18 per cent in the year to November 2022 and 20.2 per cent in the year to October 2022, according to ONS. The country’s producer output (factory gate) prices rose by 14.7 per cent in the year to December 2022, down from 16.2 per cent in the year to November 2022.

The annual rate of input PPI has now been positive for 25 consecutive months. However, it has slowed for the sixth consecutive month and is down 8.1 percentage points from the record high of 24.6 per cent in June 2022. Furthermore, the annual rate of output PPI has now been positive for 24 consecutive months, but has slowed for the fifth consecutive month, as per ONS.

Producer input prices fell by 1.1 per cent between November and December 2022; this is down 0.9 percentage points from a decrease of 0.2 per cent between October and November 2022. The monthly rate reached a record high of 5.1 per cent in March 2022.

Imported input prices fell by 2.6 per cent on the month to December 2022, down from a fall of 2.3 per cent in November 2022. The annual rate increased by 16.5 per cent in December 2022, but this is down from 20.3 per cent in November. It is also down 8.3 percentage points from its peak of 24.8 per cent in October 2022.

In the year to December 2022, the annual rate of input inflation was 16.5 per cent; this is down 1.5 percentage points from 18 per cent in November 2022. Of the ten product groups, seven showed downward contributions to the change in the annual rate.

Producer output (factory gate) prices decreased by 0.8 per cent between November and December 2022, which is down from a 0.1 per cent decrease between October and November 2022. This is the lowest the monthly rate has been since April 2020.

Clothing, textile, and leather contributed 0.08 per cent to the producer output prices’ annual rate in December 2022.

In December 2022, the output producer prices of clothing, textile, and leather grew by 7.1 per cent year-on-year.

The annual rate of output inflation decreased by 1.5 percentage points from 16.2 per cent in November 2022 to 14.7 per cent in December 2022.

Fibre2Fashion News Desk (DP)