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Financial News: Eurozone Producer Price Inflation At Record High

Eurozone Producer Price Inflation At Record High

06/02/2022 - 06:01:00 (RTTNews)

(RTTNews) - Eurozone producer price inflation accelerated further to a new record high in April, data released by Eurostat showed on Thursday.

Producer prices advanced 37.2 percent on a yearly basis in April, faster than the 36.9 percent rise in March. Nonetheless, this was slower than the expected rate of 38.5 percent.

The 99.2 percent increase in energy prices and 25.1 percent rise in intermediate goods prices pushed producer price inflation to a new record.

Producer prices of capital goods and durable consumer goods gained 7.2 percent and 8.5 percent, respectively. At the same time, non-durable consumer goods prices moved up 11.2 percent annually.

Excluding energy, producer price inflation increased to 15.6 percent in April from 13.7 percent in the previous month.

Month-on-month, producer prices grew at a slower pace of 1.2 percent, slower than the 5.3 percent increase in March. Economists had forecast a monthly rate of 2.3 percent.

Producer prices in the EU27 gained 1.3 percent on month in April, taking the annual growth to 37.0 percent.

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