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Free AccessMNI DATA IMPACT: UK CPI Higher On Fuel Costs, Below BOE Target
Factory gate price pressures skyrocket despite reduced weighting of crude oil in PPI
UK CPI jumped in March, albeit by less than expected, while pipeline inflation skyrocketed, despite the reduced weighting of oil and petroleum products in the PPI basket, data released by the Office for National Statistics Wednesday showed.
Consumer price inflation accelerated to 0.7% in March from 0.4% in February, but fell short of analyst's forecasts of a rise to 0.8%. Inflation remains well below the Bank of England's 2.0% target -- for the 20th consecutive month --but policymaker eyebrows may be raised by a sharp increase in input prices to their highest level since September 2018.
Core inflation rose to an annual rate of 1.1%, in line with expectations, from 0.9% in February. Motoring fuel accounted for 0.2 percentage points of the change in CPI, following the annual rise in crude oil prices after a plunge in early 2020. Petrol prices rose by 3.5 pence per litre between February and March, after falling by 5.1 pence per litre in the same period a year earlier.
Clothing and footwear prices added 0.14 percentage points to the change in CPI, as the vagaries of Covid closures wreaked havoc with normal discounting patterns early in 2021.
FACTORY GATE
Producer input prices surged by an annual rate of 5.9% in March, the fastest pace since September 2018, with metals and non-metallic minerals providing the biggest lift. A 55% annual rise in crude oil prices also contributed to the acceleration, but after a reweighing of the PPI input basket in February, crude oil is now the 6th largest component of index, down from the largest component before the reweighting.
Producer output prices increased by 1.9%, the fastest pace since May of 2019, with that reweighing reducing petrol products to the fifth-biggest component of the basket, from the rank of two until January. Core input prices were unchanged at an annual rate of 1.7%, matching the highest level since June of 2019.
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