UK PPI hits fresh high, Bank may look to hike

Chances that the Bank of England's next rate change will be a rise rather than a cut rose on Monday after government data revealed a surge in factory-gate inflation.

The Office for National Statistics, the British government's statistics bureau, said on Monday that output-price, or factory-gate, inflation hit 8.9% in the year to May, the highest recorded rate since the measure was introduced in 1986, up from 7.6% in April - itself a record high. Input-price inflation also hit record levels, r