2023.12.0511:05:00UTC+00Eurozone Producer Prices Continue To Fall Sharply

Eurozone producer prices logged a further steep decline in October amid a continued downward trend in energy prices, data published by Eurostat showed on Tuesday.

Producer prices fell 9.4 percent year-over-year in October, slower than the 12.4 percent decrease in September. Prices were expected to decline 9.5 percent.

Excluding energy, the producer price index dropped slightly by 0.2 percent versus a 0.5 percent rise in the previous month.

Data showed that the decline in energy prices softened to 25.0 percent from 31.2 percent in September. Prices for intermediate goods fell 5.3 percent.

Meanwhile, prices of durable and non-durable consumer goods gained 3.7 percent and 4.2 percent, respectively. Capital goods prices also advanced 3.7 percent.

On a monthly basis, producer prices increased at a slower rate of 0.2 percent in October, after a 0.5 percent increase in the prior month.

Producer prices in the EU27 increased 0.2 percent month-over-month in October but decreased 8.7 percent from the same period last year.