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Financial News: Eurozone Producer Prices Plunge 10.6% On Cheaper Energy

Eurozone Producer Prices Plunge 10.6% On Cheaper Energy Costs

02/05/2024 - 05:45:00 (RTTNews)

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

Producer prices fell 10.6 percent year-over-year in December, faster than the 8.8 percent decrease in November. Prices were expected to decline 10.5 percent.

Excluding energy, the producer price index dropped only 0.4 percent at the end of the final quarter.

Data showed that the decline in energy prices deepened to 27.5 percent from 23.9 percent in the prior month. Prices for intermediate goods fell 4.9 percent.

Meanwhile, prices of durable and non-durable consumer goods gained 3.0 percent and 3.2 percent, respectively. Capital goods prices also advanced 2.8 percent.

On a monthly basis, producer prices increased 0.8 percent in December, after a 0.3 percent drop in the prior month.

Producer prices in the EU27 decreased 0.9 percent monthly and by 10.0 percent annually in December.

During the whole year 2023, the overall producer price index declined 3.2 percent compared with 2022.

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