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.


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