Investing.com - Producer price inflation in the U.K. fell slightly less-than-expected in October, but still declined for the third consecutive month, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input dropped by a seasonally adjusted 0.6% last month, compared to expectations for a 0.7% decline.
PPI input fell by 1% in September, whose figure was revised from a previously reported drop of 1.2%.
The report also showed that PPI output inched down by a seasonally adjusted 0.3% in October, disappointing forecasts for a 0.1% increase, after holding flat in September.
Following the release of that data, the pound added to sharp losses against the U.S. dollar, with GBP/USD tumbling 0.77% to trade at 1.5866.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.35%, the EURO STOXX 50 dipped 0.4%, France’s CAC 40 inched down 0.3%, while Germany's DAX slumped 0.25%.
In a report, the U.K. Office for National Statistics said that PPI input dropped by a seasonally adjusted 0.6% last month, compared to expectations for a 0.7% decline.
PPI input fell by 1% in September, whose figure was revised from a previously reported drop of 1.2%.
The report also showed that PPI output inched down by a seasonally adjusted 0.3% in October, disappointing forecasts for a 0.1% increase, after holding flat in September.
Following the release of that data, the pound added to sharp losses against the U.S. dollar, with GBP/USD tumbling 0.77% to trade at 1.5866.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.35%, the EURO STOXX 50 dipped 0.4%, France’s CAC 40 inched down 0.3%, while Germany's DAX slumped 0.25%.