The annual inflation rate of producer input prices was negative 3.3% in the year to January 2024, down from a revised negative 2.1% in December 2023.
The monthly producer input inflation rate fell to negative 0.8% in January 2024, following a revised rate of negative 0.4% in December 2023.
The annual inflation rate of the input producer price index (PPI) was negative for the eighth consecutive month and the lowest it has been since May 2020. On a monthly basis, producer input prices fell by 0.8 per cent and output prices fell by 0.2 per cent in January this year
Input and output price levels have been relatively stable since mid-2022, but remain substantially higher than their 2021 levels. The index levels for both input and output prices have remained relatively stable since mid-2022.
