GBP/USD Gains Erode, U.K. Retail Prices Edge Up

GBP/USD is trading at 1.2268, up 0.0050. The pair is trading very choppy, some of the early session gains have eroded. The U.K. Office for National Statistics (ONS) reported the month over month September U.K. retail price index rose 0.2 percent versus a rise of 0.4 percent in August. The agency data showed year over year input PPI (producer prices) rose 7.2 percent year over year in September versus a rise of 7.8 percent in August. Output PPI (producer prices) rose 1.2 percent year over year in September versus a rise of 0.9 percent in August. On the month PPI input costs were flat in September versus a rise of 0.2 in August.