The Economy

British Output Prices Hit 16-Year High

Jan. 14, 2008

Higher fuel and food costs to blame

The cost of goods leaving factories rose at the fastest pace for 16 years in the year to December, reflecting higher fuel and food costs, official data showed Jan. 15. Output prices rose by 5% in December compared with 12 months earlier, according to the Office for National Statistics.

On a monthly basis, output prices increased by 0.5% in December from November. Analysts had bet on a monthly gain of 0.4% and annual rise of 4.7%.

Meanwhile Monday's data also showed that the price of raw materials arriving at factories jumped by 11.3% in December from a year earlier.

Input prices rose 0.5% from November.

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