Producer price data showed the unwinding from last year’s surge in commodity prices is continuing. Industry’s input costs were down by 5% on a year earlier while output price inflation dropped to just 1.2%, despite a budget increase in excise duties. No sign of an inflation problem here. More details.

Nor is there evidence yet of house prices bottoming out. The FT-Acadametrics house price index is one I follow closely. It fell by 1.1% in April for a drop of 14.2% on a year earlier. From its peak, it has declined by 14.6%. The index is here.