Factory gate prices of goods produced by the UK manufacturers fell 1.4 percent year-on-year in May of 2020, more than market expectations of a 0.9 percent drop. It is the biggest fall in factory prices since December of 2015, due to the closure of workplaces and premises amid government restrictions to contain the coronavirus pandemic. Petroleum provided the largest downward contribution (-26.8 percent), the biggest drop ever, driven by diesel and gas oil. Chemicals and pharmaceuticals displayed the second-largest downward contribution (1.5 percent), followed by paper and printing (-0.6 percent) and other manufactured goods (-0.1 percent). In contrast, biggest upward contribution came from prices of tobacco and alcohol (3.8 percent). On a monthly basis, producer prices declined 0.3 percent, after a 0.8 percent drop in April.
Producer Prices Change in the United Kingdom averaged 4.96 percent from 1964 until 2020, reaching an all time high of 27.80 percent in January of 1975 and a record low of -1.90 percent in August of 2015. This page provides the latest reported value for - United Kingdom Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United Kingdom Producer Prices Change - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Office for National Statistics
Producer Prices Change in the United Kingdom is expected to be -1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Producer Prices Change in the United Kingdom to stand at 0.40 in 12 months time. In the long-term, the United Kingdom Producer Prices Change is projected to trend around 1.60 percent in 2021 and 1.90 percent in 2022, according to our econometric models.