Further falls in price of UK manufactured goods

The Office of National Statistics have produced a report which shows that the price of goods manufactured in the UK have fallen in the last month.

Between October and November the UK producer prices fell by 0.4 per cent, compared with a fall of 0.2 per cent between September and October.

The figures show that inflationary pressures remain subdued, which gives the Bank of England more scope to cut interest rates in order to stimulate the economy.

Producer prices dropped by one per cent compared to last year, and input prices fell by a 1.1 per cent on the month in line with a massive decline in world crude oil prices.

The Bank of England have reduced interest rates seven times since February this year in response to slowing manufacturing output and faltering business confidence. (CD)

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