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U.K. Producer Prices Fall More Than Expected, BoE to Lower Rates Further
Monday, 13 October 2008 08:49:42 GMT
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The U.K. producer price index slipped to 8.5% from a revised reding of 9.1% in August, which crossed the wires much lower than that 8.8% estimate projected by economists. Meanwhile, core price ticked lower to 5.4% from 5.6% amid expectations for a gain to 6.0%. The data suggests that the BoE will opt to lower the benchmark interest rate further over the coming months as Europe’s second largest economy is on the brink of a recession.
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