thr 052 UK Industry-Oil Prices  Oil Prices Push Up UK Industry Costs London, Oct. 9, IRNA -- The high price of crude oil has pushed up the cost of raw materials to UK industry, according to the latest official figures. The Office for National Statistics reported Monday that the costs of goods used by companies to make their products rose by 2.8 per cent in September. Raw materials are now 14.3 per cent compared with a year ago, the highest annual increase since 1982. Oil costs were listed as rising by 17.1 per cent during September, pushing up the annual increase to 71.5 per cent in the past 12 months. But much of the rising costs have not yet been passed on to the price of goods leaving the factory, which were up 0.3 per cent on the month and 2.5 per cent higher than a year earlier. The figures were seen in line with economists' forecasts, following a 0.3 per cent fall in August, and are said to be a reflection of the recent volatility of oil prices. The cost of crude oil has fallen back sharply since September and economists expect the next monthly data to show a reversal of the escalating costs to industry in September. HC/JH End ::irna 09/10/2000 17:04

http://www.irna.com/newshtm/eng/18170420.htm

-- Martin Thompson (mthom1927@aol.com), October 09, 2000