UK Producer Prices Experience a Significant Decline in November

According to the latest data from the Office for National Statistics (ONS), the annual inflation rate for goods produced by UK factories dropped by 0.6% in November. This marks a notable change from the previous month, where the rate had increased by 0.3%.

The decrease in output inflation is largely attributed to the significant drop in prices of coke and refined petroleum products, which fell by 23.2% in November. Meanwhile, input producer prices remained stable on a monthly basis, but the annual input inflation rate decreased by 1.9%.

Crude oil inputs were the largest factor contributing to the annual decline in input producer prices, plunging by 14.1% from November 2023 to November 2024.