Producer Price Inflation UK - October 2022

16th November 2022

Producer input prices rose by 19.2% in the year to October 2022, down from 20.8% in the year to September 2022.

Producer output (factory gate) prices rose by 14.8% in the year to October 2022, down from 16.3% in the year to September 2022.

Inputs of metals, crude oil and chemicals all provided downward contributions to the change in the annual rate of input inflation; these are offset slightly by positive contributions from fuel and food.

Petroleum products provided the largest downward contribution to the change in the annual rate of output inflation.

On a monthly basis, input prices increased by 0.6% and output prices increased by 0.3% in October 2022.

Producer prices annual growth rates
The annual rate of input PPI has now been positive for 23 consecutive months, although it has slowed for the fourth consecutive month and is down 5.0 percentage points from the record high of 24.2% in June 2022. The annual rate of output PPI has now been positive for 22 consecutive months, but has slowed for the third consecutive month.

Food
Food products provided the largest upward contribution to the output annual rate, at 4.48 percentage points (Figure 5). This was mainly driven by preserved meat and meat products for the domestic market. This product group had an annual price increase of 16.1% in October 2022 (Table 5). The annual rate has seen a percentage point increase for 16 consecutive months and is now the highest it has been since records began in January 1997.

Note
To read the full ONS Report go HERE