Financial News: Eurozone Producer Prices Rise For Second Month

Eurozone Producer Prices Rise For Second Month

09/04/2024 - 08:10:00 (RTTNews)

(RTTNews) - Eurozone producer prices increased for the second straight month in July driven by higher energy prices, data from Eurostat showed on Wednesday.

Producer prices posted a monthly growth of 0.8 percent after a 0.6 percent gain. This was the second consecutive rise. Prices were expected to grow 0.3 percent.

Excluding energy, producer prices slid 0.1 percent, offsetting June's 0.1 percent rise.

Within the total producer price index, energy showed the biggest month-on-month increase of 2.8 percent. Meanwhile, producer prices of durable and non-durable consumer goods and intermediate goods posted 0.1 percent fall each. At the same time, capital goods prices remained flat.

On a yearly basis, the decline in producer prices slowed to 2.1 percent from 3.3 percent in June. Economists had forecast a yearly drop of 2.5 percent.

In the EU27, producer prices rose 0.8 percent on month and dropped 1.9 percent annually in July.

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