The October UK PPI report was a mixed bag. Input PPI fell 0.1% to be up 3.8% Y/Y, whereas the market was looking for a 0.5% M/M. However the output PPI is more important. The latter fell 0.2% M/M (up 1.7% Y/Y) slightly below consensus (-0.1% M/M), but core output PPI rose by 0.3% M/M and 2.5% Y/Y, up from 2% Y/Y previously. Especially the latter gets some attention.