Investing.com - Producer price inflation in the U.K. declined for the fifth consecutive month in May, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input fell by a seasonally adjusted 0.9% last month, disappointing expectations for a 0.2% increase. PPI input declined by 0.9% in April.
The report also showed that PPI output declined by a seasonally adjusted 0.1% in May, missing expectations for an increase of 0.1%, after rising 0.1% in April.
Following the release of that data, the pound held on to losses against the U.S. dollar, with GBP/USD shedding 0.18% to trade at 1.6953.
Meanwhile, European stock markets remained higher. London’s FTSE 100 inched up 0.25%, the Euro Stoxx 50 advanced 0.45%, France’s CAC 40 rose 0.6%, while Germany's DAX tacked on 0.8%.