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UK output prices growth ticks up in July

UK output prices growth ticks up in July

Mubasher: Producer price index (PPI) for the goods leaving UK factories accelerated to 1.8% in the year ended July, down from 1.6% compared with the year to June, according to official figures released on Wednesday.

Prices for materials and fuels used in the manufacturing process grew at 1.3% on the year to last month, compared with the prior period’s 0.3% rate, the Office for National Statistics (ONS) said.

The biggest upward contribution to the annual rate of output price inflation came from computers, electrical and optical products.

For the annual input inflation, the fuel costs were the top gainer during the reported period, the ONS said.

By 8:56 am GMT, the GBP/USD pair inched up by 0.08% to $1.2070, as the EUR/GBP pair ticked down by 0.03% to GBP 0.9261.