Financial News: Eurozone Producer Price Inflation Eases To 5.9%, Lowest

Eurozone Producer Price Inflation Eases To 5.9%, Lowest In 2 Years

(RTTNews) - Eurozone producer price inflation eased further in March to the lowest level in two years amid a sharp slowdown in the price growth of energy, data from Eurostat showed on Thursday.

The producer price index posted an annual increase of 5.9 percent in March, much slower than the 13.3 percent spike in February. That was in line with economists' expectations.

Further, this was the slowest inflation rate since March 2021, when prices had risen 4.4 percent.

Excluding energy, producer price inflation moderated to 8.0 percent from 10.2 percent.

Energy prices grew only 0.7 percent annually in March, compared to a 17.6 percent surge in the prior month. Similarly, the yearly price growth in intermediate goods softened to 5.8 percent from 9.3 percent.

Prices for capital goods climbed 6.7 percent over the year, and those of non-durable consumer goods rose 13.4 percent.

On a monthly basis, producer prices declined 1.6 percent in March due to a 4.8 percent fall in energy prices, data showed. Economists had forecast prices to fall 1.7 percent after a 0.4 percent drop in February.

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