GBP PPI Input m/m comes in at 0.3% against -1.3% consensus

The UK’s Producer Price Index Input month over month (PPI Input m/m) for September 2026 was released at 0.3%. This figure came in significantly above the market consensus expectation of -1.3%, representing a 123.1% surprise. The previous month’s reading was -2%.

Following the release, Sterling pairs showed varied reactions. EURGBP moved up 5.0 pips 15 minutes after the print, while GBPAUD saw a 0.2 pip increase. GBPCAD was down 6.4 pips, GBPCHF was down 11 pips, GBPJPY was down 25 pips, GBPNZD was down 24 pips, and GBPUSD was down 7.0 pips over the same 15-minute period. For context, the median 1-hour move for GBPUSD after past releases has been 15 pips, and for GBPJPY it has been 18 pips. Many of the initial moves observed were smaller than the typical median 1-hour moves seen after similar releases.