UK PPI Output YoY (Jun) Y/Y 3.5% (Prev. 4%)

The distinction that matters is output versus input prices: a fall in output alongside sticky or rising input costs compresses producer margins, while both easing together points to genuine pipeline relief feeding into the Bank of England's preferred services and core measures. Producer prices carry less weight in rate pricing than CPI or wages, so the transmission channel runs through the narrative around the easing path rather than a direct repricing of the next meeting. The follow-ons are the input price print in the same release and whether the CPI and labour data due on the calendar corroborate the direction. As a secondary release, this confirms trend rather than sets it.