THE BANK of England came under further pressure to cut interest rates again after the price of raw materials slid last month due to falling oil prices.
Data from the Office for National Statistics showed input prices of raw materials such as oil and metals fell by 3.6 per cent on the month (2.6 per cent seasonally-adjusted) and 9.0 per cent on the year.
The output price of goods leaving factory gates decreased by 0.6 per cent in the 12 months to October, and was down 0.1 per cent on the month.
Economists said the fall was down to the oil price sliding 18.8 per cent during the month, while a lacklustre global picture impacted on commodity prices.
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