UK producer prices continue declines in Oct. ’24

UK producer input prices fell by 2.3 per cent year-on-year in October 2024, following a revised decline of 1.9 per cent in September.

Producer output (factory gate) prices also declined by 0.8 per cent over the same period, compared to a revised fall of 0.6 per cent in September. Monthly, producer input prices rose slightly by 0.1 per cent, while output prices remained flat.

Crude oil remains the largest contributor to the decline in input prices. The drop in the annual inflation rate for output prices between September and October was primarily due to lower prices for refined petroleum products.

Attribution: the Office for National Statistics (ONS)

Subediting: M. S. Salama