Euro zone producer prices fell more than expected in October month-on-month and slowed sharply year-on-year, reinforcing economists’ expectations that inflation may have peaked.
The European Union’s statistics office Eurostat said prices at factory gates in the 19 countries that use the euro fell 2.9% month-on-month in October, with a 30.8% year-on-year increase, slowing from an annual increase of 41.9% in September.
It is the first time since May 2020 that producer prices have fallen month on month. Economists polled by Reuters had expected a 2.0% monthly decline and a 31.5% increase year-on-year.
The overall monthly drop was primarily a result of a 6.9% monthly drop in energy prices, which sent the entire index down.
Producer prices are an early indication of the evolution of consumer prices, which the European Central Bank wants to maintain at 2.0% in the medium term.
Source: CNN Brasil
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