Financial News: Eurozone Producer Prices Plunge 8.3%

Eurozone Producer Prices Plunge 8.3%

04/04/2024 - 07:16:00 (RTTNews)

(RTTNews) - Eurozone producer prices logged a further steep decline in February amid a continued downward trend in energy prices, data published by Eurostat showed on Thursday.

Producer prices fell 8.3 percent year-over-year in February, slightly faster than the revised 8.0 percent decrease in January. Prices were expected to decline by 8.6 percent.

Excluding energy, the producer price index dropped only 1.5 percent in February.

Data showed that the decline in energy prices was 21.1 percent versus a 20.0 percent slump in the previous month. Prices for intermediate goods fell 5.3 percent.

Meanwhile, prices of durable and non-durable consumer goods gained 1.1 percent and 1.4 percent, respectively. Capital goods prices also advanced by 2.0 percent.

On a monthly basis, producer prices decreased 1.0 percent in February versus a 0.9 percent fall in the prior month.

Producer prices in the EU27 decreased 0.9 percent monthly and by 8.1 percent annually in February.

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