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Economy in Brief

UK PPI Trends are Pretty Flat
by Robert Brusca August 13, 2007

PPI a bit unsteady but moving sideways.

PPI trends in the UK have gone essentially flat. Compared to a year ago the Y/Y pace is slightly lower and the recent 3-month and 6-month paces have been moderate but still above the point that the BOE (and the Fed and the ECB) regard as price stability. There does not seem to be any special problem in the making but inflation is hovering in the 2% to 2.5% range instead of the 1.5% to 2% range where the BOE would be more content. This does not seem to be actionable discrepancy nor is the PPI the rate that would be the deciding one for the BOE. The report was a touch on the high side but not a bad one.

  M/M % Change % Change-SAAR
  Jul-07 Jun-07 May-07 3-mo 6-mo 12-mo 12-moY-Ago
MFG 0.2% 0.4% 0.4% 3.6% 3.6% 2.4% 2.9%
Core 0.2% 0.1% 0.2% 1.8% 2.4% 2.2% 2.5%
Core: ex food beverages, tobacco & Petroleum  
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