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PPI Retreats To Lowest Levels Since 2016 As.>

UK DATA
UK DATA: PPI Retreats To Lowest Levels Since 2016 As Oil Effect Fades
-UK May Input PPI +1.8% y/y vs +2.1% in April
-UK May Core Output PPI +1.3% y/y vs +4.5% in April
-UK May Output PPI +2.0% y/y vs +2.2% in April
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Intermediate price inflation fell more precipitously than expected by 
analysts surveyed by MNI, despite a sharp rise in crude oil prices in 
through the end of April.  Output PPI declined to a 1.8% annual rate, 
the slowest pace since September of 2016, despite a 1.7% rise in 
petroleum products between April and May (the sector surged by 4.9% in 
the same month a year ago. Output prices rose by the smallest margin 
since June of 2016, as crude oil prices increased by just 0.7% between 
April and May, compared to a 12.8% surge in May of 2018. With crude oil 
prices slumping by over 20% since the end of April, intermediate price 
inflation could continue to erode.
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