Eurostat, the statistical office of the European Union (EU), reported that producer prices rose by 0.5% in June, offsetting the May decline (-0.2%) and recording the strongest growth since September 2023. Economists had expected growth of 0.4%. In annual terms, producer prices fell by 3.2%, slowing compared to May (-4.1%, revised from -4.2%). It was the 13th price drop in a row. Consensus estimates suggested a 3.3% drop. Meanwhile, among the EU countries, producer prices rose by 0.5% compared to May and fell by 3.1% per annum.
The data showed that on a monthly basis, producer prices in the eurozone increased for intermediate goods (+0.1%), capital goods (+0.1%), non-durable consumer goods (+0.1%) and energy (+1.6%). Meanwhile, the prices remained stable for durable consumer goods. Excluding energy, producer prices rose by 0.1%.
Among the EU countries, producer prices remained stable for intermediate goods, but rose for capital goods (+0.1%), durable consumer goods (+0.1%), non-durable consumer goods (+0.1%) and energy (+1.6%). Producer prices excluding energy increased by 0.1%.
Eurostat said that the highest monthly increases in industrial producer prices were recorded in Estonia (+2.2%), Spain and Romania (both +1.9%) and Greece (+1.8%). The largest decreases were observed in Bulgaria (-1.0%), Czechia, France and Finland (each -0.3%).