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Energy costs drag euro area producer prices lower in May

By Alexander Bueso

Date: Thursday 02 Jul 2020

Energy costs drag euro area producer prices lower in May

(Sharecast News) - Factory gate prices in the single currency bloc fell more quickly than expected in May, dragged down by declines in the cost of energy and for non-durable consumer goods.
According to Eurostat, in seasonally adjusted terms, producer prices in the euro area fell at a month-on-month pace of 0.6% and were down 5.0% against their year earlier level.

Economists had anticipated a 0.4% drop on the month and a 4.6% retreat in annual terms.

In comparison to the prior month, producer prices fell by 0.5% in Germany, by 0.3% in Italy and Spain, by 0.1% in France and by 0.9% in Holland.

Overall, excluding energy, producer prices fell by 0.3% and those of energy by 1.4%, while those of intermediate goods declined 0.4%, while the cost of capital and durable consumer goods was flat.

Non-durable consumer goods prices meanwhile were down by 0.6%.

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