Eurozone producer prices drop in April

Producer prices were down 0.3% in April from March, marking the biggest drop in over six years. Economists had been expecting prices to be up 0.1% after a 0.3% increase the month before.

On the year, producer prices were down 4.4%.

Energy sector prices fell 1.1%, while non-durable consumer goods prices were 0.1% lower.

Excluding the decline in energy prices, producer prices were up 0.1% in April compared to a 0.1% drop in March.

Prices for capital goods and durable goods were up 0.1% while intermediate goods prices edged 0.2% higher.

Later on Thursday, the European Central Bank will announce its latest policy decision, as it looks to bring consumer price inflation back to its target of close to 2%.