Financial News: Eurozone Producer Prices Plunge On Energy Prices

Eurozone Producer Prices Plunge On Energy Prices

11/07/2023 - 07:19:00 (RTTNews)

(RTTNews) - Eurozone producer prices continued to decline in September on continuing downward trend in energy prices, data published by Eurostat showed on Tuesday.

Producer prices posted an annual fall of 12.4 percent in September, following an 11.5 percent decrease in August. Prices were expected to decline 12.5 percent.

Excluding energy, producer price growth eased to 0.5 percent from 1.0 percent in the prior month.

Data showed that the decline energy prices deepened to 31.3 percent from 30.6 percent in August. Moreover, intermediate goods prices fell 4.8 percent.

By contrast, prices of durable and non-durable consumer goods gained 4.3 percent and 5.5 percent, respectively. Capital goods prices advanced 3.9 percent.

On a monthly basis, producer price inflation softened to 0.5 percent, as expected, from 0.7 percent in August.

Producer prices in the EU27 advanced 0.6 percent on month in September but decreased 11.2 percent from the same period last year.

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