Economic Buzz: UK producer prices up by 0.7% in August

The headline inflation rate for goods coming out of factories in the United Kingdom saw a monthly rise of 0.7% in August, the Office for National Statistics (ONS) revealed in its report published on Wednesday. Year-on-year, the figure increased by 3.7%.

Producer input prices went up by 0.3% on a monthly basis and soared by 6.1% on an annual one.

The document attributed the rise to refined petroleum products, as the price of their production grew by 2.1% compared to July.

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