Industrial producer prices in Eurozone marks least severe contraction in 11 months
Date
7/3/2024 10:10:50 AM
(MENAFN) Data released by Eurostat on Wednesday revealed that industrial producer prices in the Eurozone experienced a slower decline in May, marking the least severe contraction in 11 months. Producer prices dropped by 4.2 percent year-on-year, continuing a downward trend observed over the past 13 months.
Energy costs, a significant component of producer prices, decreased by 11.4 percent compared to the previous year, representing the smallest decline since April of the previous year.
In the broader European Union (EU), industrial producer prices also fell by 4 percent year-on-year in May. On a monthly basis, both the Eurozone and the 27-member EU bloc saw a 0.3 percent decline in industrial producer prices during May.
The distinction between the Eurozone (EA19), comprising countries that use the euro currency, and the EU27, encompassing all member states of the European Union, underscores the different economic dynamics within the region.
The slower pace of decline in industrial producer prices suggests some stabilization in the manufacturing sector, albeit amid ongoing challenges and fluctuations in energy costs. The data reflects the broader economic conditions in Europe, influenced by global market trends and internal economic policies aimed at sustaining industrial competitiveness and economic recovery.
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