2023-12-05 10:14:52
Euro area producer prices rose as expected in October compared with September, as higher energy prices offset slight declines for a period rie of products, while the decline compared to the previous year has attenuated.
The European Union’s statistical office Eurostat said on Tuesday that factory gate prices in the 20 countries sharing the euro were up 0.2% month-on-month. ‘other in October, but down 9.4% compared to the previous year.
The average expectations of economists were 0.2% and 9.5% respectively.
These figures compare to a monthly increase of 0.5% in September and a decrease of 12.4% year-on-year.
Compared to September, energy prices increased by 1.0% in October and those of durable consumer goods by 0.1%. Prices of capital goods, such as machines and tools, remained unchanged.
Prices of non-durable consumer goods fell by 0.1% and those of intermediate goods, such as steel, sugar or wood, by 0.3%.
Producer prices are a first indication of trends in consumer inflation, which the European Central Bank wants to bring back to its 2.0% target. It fell for the third consecutive month in November to reach 2.4%.
For the Eurostat press release, click on:
1701775919
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