Investing.com - Producer price inflation in the U.K. inched up for the first time in five months in December, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input rose by a seasonally adjusted 0.1% last month, compared to expectations for a 0.2% decline. PPI input fell by 0.7% in November.
The report also showed that PPI output was flat in December, disappointing forecasts for a 0.1% gain, after falling 0.2% in November.
Following the release of that data, the pound trimmed gains against the U.S. dollar, with GBP/USD rising 0.12% to trade at 1.6403, compared to 1.6439 ahead of the data.
Meanwhile, European stock markets remained lower. London’s FTSE 100 fell 0.55%, the EURO STOXX 50 dipped 0.55%, France’s CAC 40 dropped 0.45%, while Germany's DAX slumped 0.65%.