10/06/2002

UK manufacturing goods price rise

The Office for National Statistics (ONS) have said that goods manufactured in the UK fetched slightly higher prices in May.

The ONS said the price of goods leaving factory gates rose by 0.3% in May thanks to increases in tobacco, petroleum and other manufactured goods prices, however the annual rate fell to just 0.1%.

While the figures were slightly stronger than expected, experts have said they didn't believe this would lead to a hike in interest rates because price inflation for factory output has been close to zero for a number of years.

Crude oil prices, meanwhile, which are a key component of goods price inflation, have been declining in recent weeks. The ONS said crude oil prices fell 1.2% last month from April, the first monthly fall since December last year.

Oil prices on world markets have also slipped below $24 a barrel from more than $27 a barrel just three months ago.

(MB)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

20 January 2020
L'Derry Engineering Firm Expands With 14 New Roles
A L'Derry-based mechanical engineering company has created 14 new roles as it expands with the establishment of a new manufacturing plant. Gallagher and McKinney Limited, which provides contractor and sub-contractor management on piping and steel work projects, has built a facility at Skeoge Industrial Park in the city.
18 March 2020
Three Month Rates Holiday For NI Firms
The Department of Finance has implemented a three month rates holiday to assist local firms in managing the impact of the Covid-19 outbreak. Following the Chancellor's announcement on Tuesday, Finance Minister Conor Murphy said businesses will pay no rates bills for the next three months, saving a total of £100 million.
06 May 2009
Tesco's Border Price Cuts Under Attack
The Irish consumer watchdog has warned Tesco it must pass on its new border price cuts to all shoppers across the Republic. Top UK retailer, Tesco revealed on Tuesday it had cut prices in its 11 stores in the border area by almost a quarter in an attempt to discourage shoppers from going North.
16 April 2004
Tesco to sustain price war
Tesco has today declared that the high street and shopping mall food retail sector will remain a price war zone. Matching a January price cutting spree, Tesco will dig into its coffers to the tune of £70 million to maintain price cuts and keep up sustained pressure on rival retailers.
03 August 2001
Halifax report house price rises dip in July
Rampant house price rises at the start of the year have shown their first dip according to a new survey released by the Halifax. In July the average house price rise dropped off to 0.7 percent, which has been interpreted as the first sign that the early year rises of almost 11 per cent may be tailing off.