Investing.com - Producer price inflation in the U.K. declined for the fourth consecutive month in April, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input fell by a seasonally adjusted 1.1% last month, disappointing expectations for a 0.2% drop. PPI input declined by 0.4% in March.
The report also showed that PPI output rose by a seasonally adjusted 0.6% in April, missing expectations for an increase of 0.7%, after rising 0.5% in March.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.17% to trade at 1.6842.
Meanwhile, European stock markets remained lower. London’s FTSE 100 dipped 0.4%, the Euro Stoxx 50 shed 0.2%, France’s CAC 40 declined 0.3%, while Germany''s DAX slumped 0.2%.