U.K. producer prices see record monthly drop in August

LONDON (MarketWatch) — Easing fuel prices contributed to an unadjusted 0.6% monthly drop in U.K. August output producer price inflation, the largest decline since records began in 1986, the Office for National Statistics reported Monday. The drop brought the adjusted annual rate of inflation at the factory level down to 9.7%. Expectations were for a 0.1% monthly drop and 10.3% annual rise. Petroleum product prices declined by 4.8% between July and August, while prices of other manufactured products also fell, the ONS said. The drops were partly offset by higher food-product prices.
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