U.K. PPI output prices rose 0.6% m/m and 1.2% y/y, after 0.1% m/m and 2.0% y/y in the previous month. This was much higher than our forecast and median for an annual rate of 0.6% and this despite weaker than expected input price inflation of -1.0% m/m and -5.0% y/y. Core output prices rose 0.4% m/m and 2.4% y/y, after 0.0% m/m and 3.2% y/y in the previous month.