Investing.com - Producer price inflation in the U.K. rose significantly more-than-expected in February, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input rose by a seasonally adjusted 3.2% in February, blowing past expectations for a 1.9% increase.
PPI input for January rose by an unrevised 1.3%.
The report also showed that PPI output rose by a seasonally adjusted 0.8% last month, above expectations for a 0.3% gain, after inching up 0.2% in January.
Following the release of that data, the pound trimmed losses against the U.S. dollar, with GBP/USD shedding 0.1% to trade at 1.5094.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 dipped 0.3%, the EURO STOXX 50 declined 0.7%, France’s CAC 40 fell 0.7%, while Germany's DAX slumped 0.6%.
In a report, the U.K. Office for National Statistics said that PPI input rose by a seasonally adjusted 3.2% in February, blowing past expectations for a 1.9% increase.
PPI input for January rose by an unrevised 1.3%.
The report also showed that PPI output rose by a seasonally adjusted 0.8% last month, above expectations for a 0.3% gain, after inching up 0.2% in January.
Following the release of that data, the pound trimmed losses against the U.S. dollar, with GBP/USD shedding 0.1% to trade at 1.5094.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 dipped 0.3%, the EURO STOXX 50 declined 0.7%, France’s CAC 40 fell 0.7%, while Germany's DAX slumped 0.6%.