ONS said producers' input prices rose 2.4% in April from 1.7% in March, well above market forecasts for a 2.0% increase in seasonally adjusted terms. Year-over-year, April input prices rose 23.1%; the highest increase since records began in 1986. It follows a 20.5% year-over-year rise in March and forecasts for a 21.7% increase.

A spokesperson for the ONS said the rise was due to increases in crude oil, imported parts, chemicals and metals. Concurrently, producers' output prices, which are not seasonally adjusted, were up 1.4% in April against market expectations of 0.7% and March's 1.1% rise.

The annualized figure came in at 7.5%, up on the previous month's 6.5%. Both the monthly and annual rate of output price growth were the highest since records began in 1986, according to ONS. The statistical body attributed the rises in output prices to gains in the manufacturing products, as well as tobacco, alcohol and petroleum products.

Elsewhere in the data-set, producers' core output prices, rose by a seasonally adjusted 1.0% and by 4.5% year-over-year. Both figures were above market forecasts of 0.3% and 3.2% respectively.

By Gaurav Sharma, This email address is being protected from spam bots, you need Javascript enabled to view it