British producer prices hit 3-year peak in July

5th August 2011, Comments 0 comments

The prices of goods leaving Britain's factories hit three-year highs in July due to a record jump in clothing and textile costs, official data showed on Friday, adding to the country's inflationary pressures.

Producer prices climbed 5.9 percent last month compared with July 2010, the Office for National Statistics (ONS) said in a statement.

Market expectations had been for a larger annual increase of 6.0 percent, according to analysts polled by Dow Jones Newswires. The ONS added that prices rose by 0.2 percent in July compared with June.

The price of clothing, textiles and leather increased by an annual rate of 5.2 percent, according to the ONS. That was the highest rate since records began in January 1997.

© 2011 AFP

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