Producer prices spark across the eurozone
By Abigail Townsend
Date: Tuesday 04 Oct 2022
(Sharecast News) - Producer prices jumped in the eurozone in August, official data showed on Tuesday, as energy costs mounted.
According to Eurostat, the European Union's statistical office, industrial producer prices rose 5.0% in August compared with July, and by 4.9% across the wider bloc. In July, prices jumped 4.0% in the eurozone and 3.7% in the EU.
Annually, prices surged 43.3% compared to August 2021 and by 43.0% in the EU.
Analysts had been expecting a monthly rise of 4.9% and annual increase of 43.1% in the eurozone.
The surging cost of power continued to drive the increase, with prices in the energy sector up 11.8%. Elsewhere in the eurozone, prices rose by 0.8% for non-durable consumer goods, by 0.4% for capital goods, 0.3% for durable consumer goods and just 0.1% for intermediate goods.
Once energy costs were stripped out, producers prices in the eurozone rose by 0.3% month-on-month, or 14.5% when compared to August 2021.
Among member states, prices rose by 8.0% in Germany - the bloc's biggest economy - compared to an increase of 5.6% in August. In Spain prices rose 2.8%, in France by 2.7% in in Italy by 3.5%.
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