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!  

Make connections via our GROUPS page.
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

Tags:  

Is This The End Of China’s Coal Boom?

“The End Of China’s Coal Boom,” is a new, must-read …

The Age of Diminishing Returns

A Q&A with Ugo Bardi, author of Extracted: How the Quest for Mineral …

Energy Crunch: The end of business as usual for fossil fuels?

It’s the end of business as usual for fossil fuels. That’s …

Peak oil notes - April 17

A mid-week update. Oil prices in London have risen this week on concerns …

Climate Panel Stunner: Avoiding Climate Catastrophe Is Super Cheap — But Only If We Act Now

The U.N. Intergovernmental Panel on Climate Change (IPCC) has just issued …

Kashagan – Back to the drawing board?

The recent shutdown of Kashagan oil field in Kazakhstan represents one …

King Coal Is Dying a Slow Death in America

In cities choked by pollution and a world coming to grips with the realities …