Oil fuels jump in factory gate prices

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The Independent Online

A strong rise in oil prices pushed manufacturers' raw material costs up more than expected last month. The Office for National Statistics said producer input prices jumped 2.0 per cent in January to stand 8.4 per cent higher than a year ago, well above expectations for a 6.3 per cent annual rise.

Factory gate inflation also rose more than expected. A resurgence of price pressures has already pushed consumer price inflation almost one point above the Bank of England's 2 per cent target.