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- U.K.: Inflation at record low of zero – lowest reading since 1989/1960
U.K.: Inflation at record low of zero – lowest reading since 1989/1960
The Producer Price index Input rose less-than-expected in February, according to the National statistics bureau. The Index rose +0.2%, a positive reading for the first time in nine months, but far below estimates of an increase of +1.6%. Last month's reading was revised up -3.6% from previous -3.7%.
The Producer Price index Output rose +0.2%, beating estimates of a decline by -0.1% after falling -0.4% in January.
Retail Prices rose +0.5% in February compared to a decline of -0.8% in January.
The HICP, that monitors retail price changes for goods and services included into the consumer goods basket, rose +0.3% month on month but declined year on year to 0.0% - according to constructed historical data the lowest since 1960, said the Office of National Statistics. Analysts expected a decline to +0.1%. Food, non-alcoholic drinks, furniture, computers and household equipment had the largest effect on the reading.
The HICP ex EFAT, excluding the volatile costs of food and energy, measuring core inflation rose +1.2% year on year compared to a previous reading of +1.4% and below the estimated +1.3%.
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