02.12.202109:42:00UTC+00Eurozone Producer Price Inflation Surges On Energy Prices

Eurozone producer prices surged in October on higher energy prices, data from Eurostat showed on Thursday.

Producer price inflation accelerated more-than-expected to 21.9 percent in October from 16.1 percent in September. The rate was forecast to advance to 19 percent.

On a monthly basis, producer prices grew 5.4 percent after climbing 2.8 percent a month ago. The expected rate was 3.5 percent.

Excluding energy, producer price inflation was 8.9 percent versus 8.1 percent in the previous month.

Among components, energy prices logged an annual growth of 62.5 percent. This was followed by a 16.8 percent increase in intermediate goods prices. Durable consumer goods prices grew 4.2 percent and non-durable consumer goods prices were up 3.4 percent. The increase in capital goods prices was 3.9 percent. Producer prices in EU27 grew 5 percent on month in October, taking the annual growth to 21.7 percent.