The headline rate of inflation for goods coming out of factories in the United Kingdom saw a monthly decline of 0.1% in November, the Office of National Statistics (ONS) revealed in its report published on Wednesday. Year-on-year, it decreased by 0.2%.
Producer input prices slid by 2.6% on an annual basis and 0.3% on a monthly one. The report highlighted a drop in the prices of chemicals and metals on one hand and coke and refined petroleum products on the other as the main contributors to the falls in input and output prices, respectively.
"Annual producer price inflation rates have been slightly falling since June 2023; however, index levels for both input and output prices remain substantially higher than their 2021 levels, the last time producer price inflation was stable," the document found.