Producer input prices fell 2.7% in the year to June 2023, down from a 0.4% increase in the year to May. Producer output prices (at the factory gate) increased 0.1% in the year to June 2023, down from a 2.7% increase in the year to May.
The UK Consumer Price Index increased by 7.9% in the 12 months to June this year, down from 8.7% in May. On a monthly basis, CPI increased by 0.1% in June compared with a gain of 0.8% in June 2022. Output prices (at the factory gate) increased by 0.1% in the year to June 2023, down from 2.7% increase in the year to May.
On a monthly basis, producer input prices fell 1.3% and output prices fell 0.3% in June this year.
Core CPI — excluding energy, food, alcohol and tobacco — rose 6.9% in the 12 months to June 2023, down from 7.1% in May, the highest rate since March 1992.
Inputs of crude oil and petroleum products contribute the most to the change in annual input and output inflation rates, respectively.
Although the annual rate of producer price inflation has slowed in recent months and prices in some sectors have begun to decline, index levels for both input and output prices are still significantly higher than 2021 levels.
Fiber2Fashion (DS) News Desk
