Fresh hope worst of inflation pain might be over as producer prices continue to ... trends now
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There was fresh hope Britain might be over the worst of the cost of living pain as producer price inflation continued to slow in December.
According to data from the Office for National Statistics, producer input prices - the price of materials and fuels bought by UK manufacturers - rose by 16.5 per cent in the year to December.
This was a fall from 18 per cent in the year to November 2022 and down from the eye-watering record high of 24.6 per cent in the year to June 2022.
It is the sixth consecutive month that the annual rate of input producer price inflation has slowed.
The ONS figures also showed that producer output prices - known as factory gate prices as it is the amount UK producers receive for goods they sell to the domestic market - rose by 14.7 per cent in the year to December.
This was down from 16.2 per cent in the year to November and down from 17.5 per cent in the year to October.
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