Financial News: Eurozone Producer Price Inflation Accelerates

Eurozone Producer Price Inflation Accelerates

(RTTNews) - Eurozone producer price inflation accelerated in July, largely reflecting the surge in energy prices, Eurostat reported Thursday.

Producer prices increased 5.8 percent in July after climbing 4.6 percent in June and 5.9 percent in May.

Excluding energy, producer price inflation rose marginally to 3.1 percent from 3.0 percent in June.

On a monthly basis, producer prices rebounded 1.6 percent following June's 0.3 percent fall. Prices were expected to climb 1.2 percent.

Data showed that energy prices registered the biggest annual growth of 12.9 percent, following an 8.8 percent gain in June. Prices of intermediate goods and capital goods grew at faster rates of 6.3 percent and 2.6 percent, respectively.

Growth in durable consumer goods held steady at 2.9 percent, while non-durable consumer goods prices slid 0.7 percent.

Producer prices in the EU increased 1.4 percent in July from the previous month and by 5.6 percent from the last year.

The highest annual increases in industrial producer prices were recorded in Ireland, Lithuania and Bulgaria. Meanwhile, the only decrease was reported in Luxembourg.

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