Factory gate prices of goods produced by the UK manufacturers jumped 15.7 percent year-on-year in May of 2022, accelerating from an upwardly revised 14.7 percent in April and beating market expectations of 14.7 percent, pointing to the highest producer inflation since June 1980. Upward pressure came from nine out of 10 product groups, with food products providing the largest upward contribution of 3.47 percentage points to the annual rate and had annual price growth of 10.4%, the highest since September 2008 mainly driven by preserved meat and meat products for the domestic market. Meanwhile, cost of petroleum products surged by 84.4 percent, after an 85.1 percent jump in April. Despite providing a downward contribution to the annual rate, tobacco and alcohol products rose by 4.4 percent. On a monthly basis, output producer prices were up 1.6 percent, above market forecasts of a 1.5 percent gain. source: Office for National Statistics
Producer Prices Change in the United Kingdom averaged 5.02 percent from 1964 until 2022, reaching an all time high of 27.80 percent in January of 1975 and a record low of -7.30 percent in July of 2009. This page provides the latest reported value for - United Kingdom Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Producer Prices Change - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
Producer Prices Change in the United Kingdom is expected to be 8.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Producer Prices Change is projected to trend around 2.50 percent in 2023 and 2.30 percent in 2024, according to our econometric models.