Building a world of
resilient communities.

MAIN LIST

 

Oil prices push UK manufacturing costs up

British manufacturers' raw materials costs rose at their sharpest pace in four and a half years in January as the price of crude oil and imported goods surged.

The Office for National Statistics said producer input prices rose a seasonally adjusted 3.4% last month - the sharpest pace since May 2000 and more than twice the rate predicted by analysts. That took input prices 9.4% higher on the year, the steepest increase since October 2000.

Non-seasonally adjusted output prices fell 0.1% on the month and were up 2.6% on the year. This was the lowest annual rate of inflation at the factory gate since July.

However, core output prices, which exclude food, beverages, tobacco and petroleum products rose a seasonally 0.2% on the month, taking them up 2.5% on the year.

The ONS said the main reason for the surge in input prices was a sharp increase in the cost of crude oil. This shot up 14.8% in January, the biggest jump since August, leaving it 40.9% higher on the year.

But even allowing for the oil effect, core input prices  rose sharply, by 1.9% in January - the largest monthly rise in 10 years - as the cost of some imported materials rose sharply. They were up 2.9% on the month, the biggest jump since comparable records began in Januay 1991.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Renewables: The Next Fracking?

As a general rule, in fact, the less direct experience a given person has …

Peak Oil Review: A Midweek Update 11th Feb

A midweek update. Oil prices continued to fall this week with New York …

IEA in Davos 2016 Warns of Higher Oil Prices in a Few Years’ Time

This recent forum was about how to transition away from fossil fuels, after …

Why the Wild Descent of Oil Is Cause for Concern

The signs of oil's madcap price collapse are everywhere.

It's not Rocket Surgery: Choosing an Indoor Mini Wood stove for a Tiny House

This article will focus on one item which can keep you comfortable in cold …

Peak Oil Review - Feb 8

 A weekly roundup of peak oil news, including: -Oil and the global …

California Offshore Oil Fracking Permits Halted While Federal Government Performs Environmental Review

The U.S. federal government will stop approving offshore oil fracking …