EU & euro area see slight rise in industrial producer prices in Sept

However, the year-on-year comparison presents a different picture. In October 2023, industrial producer prices showed a significant decline compared to October 2022, with a 9.4 per cent decrease in the euro area and an 8.7 per cent drop in the EU.

Breaking down the October 2023 figures by sector in the euro area, there was a 1.0 per cent increase in prices in the energy sector and a slight 0.1 per cent rise for durable consumer goods. There were decreases of 0.1 per cent in prices of non-durable consumer goods and 0.3 per cent for intermediate goods. When excluding energy, total industry prices fell by 0.2 per cent, as per Eurostat.

The EU's sectoral analysis for October 2023 shows a 0.6 per cent increase in the energy sector, stable prices for durable consumer goods, and a decrease of 0.1 per cent for non-durable consumer goods and 0.3 per cent for intermediate goods. Excluding energy, the total industry prices in the EU also decreased by 0.2 per cent.

Notably, the most significant monthly increases in industrial producer prices were observed in Ireland (4.9 per cent), Italy (2.2 per cent), and the Netherlands (0.7 per cent). On the other hand, the largest decreases were in Luxembourg (minus 3.7 per cent), Latvia (minus 2.7 per cent), and Greece (minus 1.9 per cent).

When comparing October 2023 to the same month in 2022, the euro area saw a dramatic 25.0 per cent decline in the energy sector and a 5.3 per cent decrease for intermediate goods. However, there was an increase of 3.7 per cent for durable consumer goods and a 4.2 per cent rise for non-durable consumer goods. Overall, prices in total industry excluding energy decreased by 0.2 per cent.

In the EU, the annual comparison shows a 22.7 per cent decrease in the energy sector and a 5.3 per cent decrease for intermediate goods. Conversely, there was a 3.1 per cent increase for durable consumer goods and 4 per cent for non-durable consumer goods. Total industry prices excluding energy fell by 0.3 per cent.

The largest annual decreases in industrial producer prices were in Bulgaria (minus 25.9 per cent), Belgium (minus 20.5 per cent), and Greece (minus 14.7 per cent), while the most significant annual increases were in Luxembourg (18.4 per cent), Slovenia (2.5 per cent), and Slovakia (1.1 per cent).

Fibre2Fashion News Desk (DP)