BRUSSELS (dpa-AFX) - Eurozone producer prices declined for the first time in nine months in August due to the sharp decrease in energy prices, data from Eurostat showed Friday.
The producer price index fell 0.6 percent on a yearly basis, reversing July's 0.2 percent increase. This was the first decrease since November 2024 and also sharper than forecast of 0.4 percent drop.
The overall decrease was primarily driven by a sharp drop in energy prices, which declined by 4.1 percent. Additionally, prices of intermediate goods dropped in August, down 0.3 percent.
Meanwhile, prices of non-durable and durable consumer goods climbed 2 percent and 1.6 percent, respectively. The increase in capital goods prices was 1.8 percent.
Excluding energy, producer prices logged a steady annual growth of 1.0 percent in August.
Month-on-month, producer prices were down 0.3 percent, offsetting the 0.3 percent increase in July. Prices were expected to drop 0.1 percent.
The decline in Eurozone producer prices was also reflected in the broader European Union, where prices fell 0.4 percent both monthly and annually in August.
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