UK Producer Price Inflation rose by 2.9% in the year to May, down from 5.2% in year to April; input prices increased by 0.5%, down from 4.2% in year to April: ONS

LONDON , June 21, 2023 (press release) –

Changes in the prices of goods bought and sold by UK manufacturers including price indices of materials and fuels purchased (input prices) and factory gate prices (output prices).

Main points

• Producer input prices rose by 0.5% in the year to May 2023, down from a rise of 4.2% in the year to April 2023.
• Producer output (factory gate) prices rose by 2.9% in the year to May 2023, down from a rise of 5.2% in the year to April 2023.
• Inputs of crude oil and petroleum products provided the largest downward contributions to the change in the annual rates of input and output inflation, respectively.
• While annual producer price inflation rates have been slowing in recent months, the index levels for both input and output prices have been broadly stable since June 2022.
• On a monthly basis, producer input prices fell by 1.5% and output prices by 0.5% in May 2023.

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