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Financial News: Eurozone Producer Price Inflation Accelerates Further

Eurozone Producer Price Inflation Accelerates Further

01/06/2022 - 07:27:00 (RTTNews)

(RTTNews) - Eurozone producer prices rose at a faster pace in November, mainly driven by high energy prices, preliminary figures from Eurostat showed Thursday. The producer price index on the domestic market climbed 23.7 percent year-on-year following a 21.9 percent increase in October. Economists had forecast a 22.9 percent rise. Producer prices for the energy industry surged 66.0 percent year-on-year after a 62.4 percent jump in the previous month.

Excluding energy, the producer price inflation accelerated to 9.8 percent from 9.0 percent in October. Intermediate goods prices climbed 18.3 percent versus 16.9 percent increase in October. Capital goods prices rose 4.4 percent following a 4.0 percent increase in the previous month. Durable consumer goods prices rose 4.7 percent annually and prices for non-durable goods industry climbed 3.8 percent. Compared to the previous month, producer prices rose 1.8 percent after a 5.4 percent rise in the previous month. Economists had expected a 1.2 percent increase. In the EU, producer prices rose 23.7 percent year-on-year and 2.0 percent monthly in November. The biggest yearly increases in producer prices were registered in Ireland, Denmark and Romania.

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