UK: Producer price growth at record

UK producer prices rose at a record pace in May, official figures show.

The Office for National Statistics said that output prices for sales of manufactured products rose at a rate of 8.9% in the year to April.

Input prices also shot higher, up 27.6% over the year. The rate of growth in input and output prices is the quickest since records began in 1986.

Rising food and energy costs are pushing up the rate of inflation even as the UK economy slows.