"Official data on producer prices brought further good news for the inflation outlook"
- Chris Williamson, chief economist at Markit
U.K. year-over-year producer prices rose 2.3 per cent in June, compared to the same period the previous year, the lowest rate since October 2009, said the Office for National Statistics on Friday.
"A key driver of lower prices has been the sharp fall in oil prices since their peak earlier this year," said Chris Williamson, chief economist at Markit. "Brent crude, for example, dropped more than 25% between March and June."
"Official data on producer prices brought further good news for the inflation outlook," said Mr Williamson.
"June's producer prices figures confirmed that the downward pressure on prices at the start of the inflation pipeline is continuing to intensify," said Samuel Tombs, economist at Capital Economics.
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