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Financial News: Eurozone Producer Price Inflation Accelerates In July

Eurozone Producer Price Inflation Accelerates In July

09/02/2021 - 06:10:00 (RTTNews)

(RTTNews) - Eurozone producer price inflation accelerated further in July on higher energy prices, data from Eurostat showed on Thursday.

Producer prices increased 12.1 percent year-on-year in July, faster than the 10.2 percent rise seen in June. Economists had forecast an annual growth of 11 percent.

Excluding energy, producer price inflation increased to 6.7 percent from 5.6 percent in the previous month.

Energy prices advanced 28.9 percent annually and intermediate goods prices grew 12.6 percent.

Prices of durable consumer goods and non-durable consumer goods were up 2.7 percent and 2.6 percent, respectively. At the same time, capital goods prices gained 2.5 percent.

On a monthly basis, producer price inflation rose to 2.3 percent in July from 1.4 percent in June. The rate of growth was well above economists' forecast of 1.1 percent.

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