Mubasher: The UK producer price index (PPI) for the goods leaving factories rose to 3.3% on the year to October, from 3.1% in September, according to official data showed on Wednesday.

Prices for materials and fuels used in the manufacturing process slowed to 10% on the year to last October from 10.5% in the previous month, the Office for National Statistics (ONS) said.

Rising output and input annual inflation rates were driven by upward contribution from all product groups for the second month in a row.

The biggest upward contribution to both the annual and monthly rates of input and output inflation came from petroleum and crude oil prices.

By 9:49 am GMT, the GBP/USD pair went down 0.13% to $1.2960, as the EUR/GBP pair inched down 0.07% to GBP 0.8695.