14-05-2008
ONS data shows rise in UK producer prices
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There has been a record increase in the prices being charged by product manufacturers in Britain, the Financial Times has reported.
Output prices of producers went up by 1.4 per cent during the month of April, it was revealed by the data released by the Office for National Statistics (ONS).
The figures also showed that input prices increased by 2.4 per cent in April.
Inflation of input and output prices were at their highest levels since the ONS series was inaugurated in 1986.
Howard Archer, an economist at Global Insight, commented: "With oil prices reaching $126 a barrel, commodity prices elevated and the pound weaker, the upward pressure on manufacturers’ costs continues to mount."
AA spokesman, Luke Bosdet, claimed that over the next month petrol and diesel prices will continue to rise.