Eurostat, the statistical office of the European Union (EU), reported that producer prices rose by 1.6% in November after increasing by 0.4% in October. Economists expected a 1.5% increase. This was the 5th price increase in the last 6 months and the strongest since September 2022. In annual terms, producer prices fell by 1.2%, slowing compared to October (-3.3%, revised from -3.4%). It was the 18th price drop in a row. Consensus estimates suggested a 1.4% drop. Meanwhile, among the EU countries, producer prices rose by 1.7% compared to October and fell by 1.1% per year.
The data showed that on a monthly basis, producer prices in the eurozone decreased for intermediate goods (-0.1%) and durable consumer goods (-0.2%), remained stable for capital goods and non-durable consumer goods, but increased for energy (+5.4%). Excluding energy, producer prices remained unchanged.
Among the EU countries, producer prices remained stable for intermediate goods, capital goods and durable consumer goods, but increased for non-durable consumer goods (+0.2%) and energy (+5.4%). Producer prices excluding energy increased by 0.1%
Eurostat said that the highest monthly increases in industrial producer prices were recorded in Bulgaria (+4.9%), Ireland (+4.5%) and Sweden (+4.2%). The largest decreases were observed in Estonia and Cyprus (both -1.4%), Slovakia (-0.5%) and Luxembourg (-0.4%).