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UK T-BILL AUCTION PREVIEW

1/3/6-month UKTBs

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Expiries for Oct22 NY cut 1000ET (Source DTCC)

MNI (London)
(MNI) London

UK pipeline inflation slowed from May's elevated levels, but remained high by historical standards. Input prices rose by an annual rate of 9.1%, undershooting the expected 11.0% pace, and well below the downwardly-revised 10.6% rate in May, the Office for National Statistics said Wednesday. Metals and non-metallic minerals provided the biggest upward contribution to input prices. Core input PPI rose by 7.4%, matching the downwardly-revised pace of May, the biggest rise since January of 2009.

Output PPI slowed to an annual rate 4.3% from 4.4%, but core output PPI rose to 2.7% from 2.3%, the fastest pace since January of 2019. Transport equipment provided the biggest upward contribution to output PPI. After reweightings to the basket early this year, transport equipment became the second biggest output PPI category, while petroleum products fell from second to fifth. Statisticians do not release the precise weightings of sector in the PPI basket.

MNI London Bureau | +44 203-586-2225 | les.commons@marketnews.com
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MNI London Bureau | +44 203-586-2225 | les.commons@marketnews.com
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