Investing.com - Producer price inflation in the U.K. declined for the second consecutive month in February, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input fell by a seasonally adjusted 0.4% last month, disappointing expectations for a 0.3% gain. PPI input declined by 0.9% in January.
The report also showed that PPI output was flat in February, confounding expectations for an increase of 0.2%, after rising 0.3% in January.
Following the release of that data, the pound turned higher against the U.S. dollar, with GBP/USD adding 0.04% to trade at 1.6505, compared to 1.6484 ahead of the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 climbed 1.1%, the DJ Euro Stoxx 50 rose 1.05%, France’s CAC 40 tacked on 1.1%, while Germany''s DAX rallied 1.1%.
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