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12 giugno, 2007
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UK producer prices inflation unchanged
UK factory gate inflation was unchanged at 2.5 per cent for the year
to May, despite sharper rises in the cost of raw materials, according
to data released on Monday.
Signs that increases in manufacturers’ output prices may have reached
a plateau will be welcomed by the Bank of England and may marginally
reduce City expectations of the need for further rises in the cost of
borrowing.
The Bank has made clear it is concerned about the burgeoning pricing
power that firms have been displaying of late and the possibility that
this will feed into consumer price inflation.
The CPI data for May will be published on Tuesday and analysts are
expecting to see the annual rate of inflation falling back from the
2.8 per cent recorded in April.
The Office for National Statistics said producers’ output prices
climbed by 0.4 per cent between April and May, down from 0.5 the
previous month.
The increase was mainly the result of a 2.6 per cent gain in petroleum
prices and a 0.4 per cent rise in the price of food products. The
latter was driven by a 2.8 per cent increase in the cost of fresh
bread.
But for the year to May, prices rose by 2.5 per cent, the same as in
April. Meanwhile ‘core’ output prices – which exclude volatile items
such as food, drink, petrol and tobacco – were up 0.2 month-on-month
and 2.4 on an annual basis.
“On the output side, the producer price data are reasonably comforting
for the Bank of England. This may slightly alleviate the Monetary
Policy Committee’s concerns that firms are finding it easier to push
through price hikes, “ said Howard Archer at Global Insight.
However Mr Archer noted that rising input prices would continue to put
pressure on firms to push up charges to customers.
The ONS said that its seasonally adjusted index of input prices rose
by 1.2 per cent between April and May and was up by a similar amount
on an annual basis. In the year to April, in contrast, prices had
fallen by 0.8 per cent.
Separately, the Department for Communities and Local Government said
annual house price inflation was 11.3 per cent in April, up from 10.9
per cent the previous month.
Commenting on the figures, Richard McGuire at RBC Capital Markets said;
“While this report stands at odds with the softer tone adopted by
recent housing market data, its somewhat historical nature will ensure
it provides little, if any, challenge to the growing impression that
UK housing has shifted down a gear.”