Investing.com - Producer price inflation in the U.K. fell for the second consecutive month in July, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that PPI input declined by a seasonally adjusted 1.6% last month, disappointing expectations for a 1.1% drop. PPI input fell by 0.9% in June.
The report also showed that PPI output dipped by a seasonally adjusted 0.1% in July, missing expectations for an increase of 0.3%, after rising 0.3% in June.
Following the release of that data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.51% to trade at 1.6644, compared to 1.6692 ahead of the data.
Meanwhile, European stock markets remained higher. London's FTSE 100 inched up 0.45%, the DJ Euro Stoxx 50 tacked on 0.35%, France's CAC 40 rose 0.35%, while Germany's DAX advanced 0.9%.
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