Eurozone & EU industrial producer prices dip further in May: Eurostat

07 Jul '23

3 min read

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Insights

Industrial producer prices in the Euro area and the EU decreased by 1.9 per cent and 1.8 per cent respectively in May 2023, compared to April 2023.
This follows a larger decrease in April.
Energy sector experienced the biggest monthly decrease, while durable consumer goods saw an increase.
The biggest annual decreases were in Greece, Ireland, and Belgium.

Industrial producer prices in the Euro area and EU witnessed a decline in May 2023, according to Eurostat, the statistical office of the European Union (EU). The Euro area saw a decrease of 1.9 per cent compared to April 2023, while the EU registered a dip of 1.8 per cent in the same period. This follows a sharper decline in April 2023 when the Euro area experienced a 3.2 per cent decrease, and the EU a 3.1 per cent decrease in industrial producer prices.

In May 2023, compared with May 2022, industrial producer prices decreased by 1.5 per cent in the euro area and by 0.5 per cent in the EU.

Industrial producer prices in the euro area in May 2023, compared with April 2023, decreased by 5 per cent in the energy sector, by 1 per cent for intermediate goods and by 0.1 per cent for non-durable consumer goods, while prices increased by 0.3 per cent for durable consumer goods. Prices in total industry excluding energy decreased by 0.4 per cent, as per Eurostat.

In the EU, industrial producer prices decreased by 5 per cent in the energy sector, by 1.1 per cent for intermediate goods and by 0.2 per cent for non-durable consumer goods, while prices increased by 0.2 per cent for durable consumer goods. Prices in total industry excluding energy decreased by 0.5 per cent.

The largest monthly decreases in industrial producer prices were recorded in Ireland (minus 7.4 per cent), Italy (minus 3.1 per cent), and Finland (minus 3 per cent), while increases were observed in Cyprus (2.8 per cent), and Malta (0.4 per cent).

Industrial producer prices in the euro area in May 2023, compared with May 2022, decreased by 13.3 per cent in the energy sector and by 1.5 per cent for intermediate goods, while prices increased by 6.7 per cent for durable consumer goods and by 9.6 per cent for non-durable consumer goods. Prices in total industry excluding energy increased by 3.4 per cent.

In the EU, industrial producer prices decreased by 10.4 per cent in the energy sector and by 1.3 per cent for intermediate goods, while prices increased by 6.5 per cent for durable consumer goods and by 9.8 per cent for non-durable consumer goods. Prices in total industry excluding energy increased by 3.5 per cent.

The largest annual decreases in industrial producer prices were recorded in Greece (minus 10.6 per cent), Ireland (minus 9.7 per cent) and Belgium (minus 9.6 per cent). The highest increases were observed in Hungary (36.3 per cent), Slovakia (21 per cent) and Latvia (12 per cent).

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