Mubasher: Producer price index (PPI) for the goods leaving UK factories came in at 2.1% in the year ended April, down from 2.2% in the year to March, official data showed on Wednesday.

Inflation of prices for materials and fuels used in the manufacturing process decelerated to 3.2% on the year to last April from 3.8% in the year to the preceding month, the Office for National Statistics (ONS) said.

Crude oil provided the biggest upward contributions to input annual inflation rate, climbing to 6.9% year-on-year.

“All product groups provided upward contributions to output annual inflation,” the ONS said.

By 9:17 am GMT, the GBP/USD pair declined by 0.29% to $1.2669, as the EUR/GBP pair rose by 0.32% to GBP 0.8812.