Industrial producer prices in EU, Eurozone decrease more than 3 percent
Date
11/6/2024 7:55:16 AM
(MENAFN) Industrial producer prices across the euro area and the EU experienced notable annual declines exceeding 3 percent in September, according to Eurostat's report on Wednesday. Specifically, the euro area recorded a 3.4 percent drop, while the 27-member EU bloc saw a 3.3 percent decrease. These reductions reflect overall economic adjustments in the region, particularly in response to fluctuating energy prices and shifts in industrial demands.
Breaking down these figures, the euro area saw the most significant price drop in the energy sector, with a sharp decline of 11.6 percent. Capital goods also fell slightly by 1.3 percent, followed by a 0.7 percent dip in intermediate goods. However, there were some increases, with non-durable consumer goods rising by 1.5 percent and durable consumer goods by 0.5 percent, hinting at steady demand in certain consumer segments. The EU followed a similar pattern, with energy prices decreasing by 10.6 percent and intermediate goods by 0.8 percent. However, the EU saw a slight uptick in capital goods (1.5 percent) along with non-durable (1.4 percent) and durable consumer goods (0.3 percent).
Among EU countries, Slovakia, Luxembourg, and Latvia reported the most significant annual price reductions, with Slovakia leading at an 18.5 percent decrease, followed by Luxembourg at 9.9 percent and Latvia at 7.4 percent. Conversely, Ireland showed an annual price increase of 1.5 percent, alongside modest gains in Portugal (1.0 percent), and Czechia and Malta (each 0.6 percent).
On a month-to-month basis, producer prices in both the euro area and the EU saw a slight decline of 0.6 percent in September. These monthly and annual trends highlight varying economic conditions and shifts in industrial costs, which continue to influence producer prices across different sectors and regions in the EU.
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