Producer Prices in United Kingdom
United Kingdom - Producer Prices
Inflation rises in July, although uptick could be short-lived
Consumer prices were flat month-on-month in July, matching June’s reading, as lower prices for clothing and footwear offset higher prices for recreation and culture.
Inflation increased from 2.0% in June to 2.1% in July, slightly above the Bank of England’s (BoE) 2.0% target and confounding market expectations of a fall to 1.9%. Core inflation—which excludes food and energy costs—rose from 1.8% to 1.9%.
Looking ahead, recent sterling weakness coupled with higher wages could add upward pressure to prices in the coming months. However, our panelists still see inflation averaging slightly below target in Q3 and Q4, partly on low energy prices. Inflation is unlikely to become a concern for the Bank of England, and any changes to the policy stance will continue to hinge on the outcome of Brexit.
The Bank of England sees inflation at 1.6% in Q4 2019 and 2.1% in Q4 2020. FocusEconomics Consensus Forecast panelists expect inflation to average 1.9% in both 2019 and 2020.
United Kingdom - Producer Prices Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation (PPI, annual variation in %) | 1.3 | 0.0 | -1.7 | 0.5 | 3.4 |
United Kingdom Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.61 | -3.04 % | Jul 31 |
| Exchange Rate | 1.22 | -0.35 % | Jul 31 |
| Stock Market | 7,587 | -0.26 % | Jul 31 |
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Economic News
United Kingdom: Inflation rises in July, although uptick could be short-lived
August 14, 2019
Consumer prices were flat month-on-month in July, matching June’s reading, as lower prices for clothing and footwear offset higher prices for recreation and culture.
United Kingdom: Wages rise at decade-high pace in Q2; unemployment rate inches up
August 13, 2019
The unemployment rate rose to 3.9% in the second quarter, up from 3.8% in the previous rolling quarter and in line with FocusEconomics panelists’ expectations.
United Kingdom: Industrial production slips in June, rounding off a poor Q2
August 9, 2019
Industrial production fell 0.1% in June over the prior month according to the Office for National Statistics, contrasting May’s revised 1.2% rise (previously reported: +1.4% month-on-month) and driven by a contraction in the manufacturing sector.
United Kingdom: Economy contracts in Q2 for first time in nearly seven years amid destocking and tumbling fixed investment
August 9, 2019
The UK economy shrank 0.2% in quarter-on-quarter seasonally-adjusted terms in Q2, contrasting Q1’s 0.5% quarter-on-quarter expansion.
United Kingdom: The services PMI rises in July; manufacturing PMI remains in negative territory
August 5, 2019
The IHS Markit/CIPS UK services Purchasing Managers’ Index (PMI) increased from 50.2 in June to 51.4 in July.
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