Falling energy costs drive down eurozone producer prices
Eurozone industrial producer prices fell by more than expected in February, official data showed on Tuesday.
According to Eurostat, the statistical office of the European Union, industrial prices fell by 0.5% compared to January 2023, when they fell by 2.8%, and by 0.6% in the wider bloc.
Analysts had been looking for a 0.3% contraction in February the eurozone.
Year-on-year, industrial producer prices jumped 13.2% and 14.5% in the eurozone and EU respectively.
The month-to-month fall was driven by the energy sector, where prices dropped by 1.6%. Prices also fell in intermediate goods, down 0.1%, but increased by 0.3% for capital goods, 0.4% for durable consumer goods and 0.6% for non-durable consumer goods.
Stripping out energy, total industry prices increased 0.2%.
Among member states, producer prices in Germany - the bloc’s largest economy - fell 0.3%. In France they fell by 0.9% and by 1.3% in Italy. They rose 2.2% in Spain.