Eurozone: Producer prices slowed to 1.2% in April – Jump 37% per year

Producer prices in the eurozone showed declining inflationary pressures in April, although they remained at extremely high levels for the whole of the last year.

In particular, as informed by Eurostat, producer prices in the Eurozone increased at a rate of 1.2% on a monthly basis in April, after the jump of 5.3% in March, while they were significantly lower than analysts’ estimate for a rate of 2.3%.

At year level, however, the increase in producer prices was measured at 37.2%, slightly higher than the previous 36.8%, but also lower than the estimates for 38.4%.

Euro industrial area #ProducerPrices + 1.2% in April over March 2022, + 37.2% over April 2021 https://t.co/G5M2pPG6b1 pic.twitter.com/a54tD3nZZl

– EU_Eurostat (@EU_Eurostat) June 2, 2022

At European Union level, producer prices increased by 1.3% compared to last month and 37% compared to last year.

Among other things, prices of intermediate goods increased by 3.8%, non-durable goods by 2.7% and capital goods and durable goods by 1%.

At the same time, prices in the energy sector decreased by 1.2%, while excluding prices in the energy sector, total industrial production increased by 2.6%.

The index recorded a significant decline for Hellas, where producer prices rose 2.9% in April after jumping 8.8% in March.

At year level, prices in Greece were up 48.1% compared to April last year, after 45.4% last month.

The largest increases on a monthly basis were recorded in Slovakia with 9.3%, in Luxembourg with 6% and in Bulgaria with 4.1%, while in Italy producer prices fell by 0.3%, in Portugal by 2.2% and in Ireland by 16.4%.

It is noted that the data on producer prices come two days after those on consumer prices, which showed that inflation in the Eurozone jumped to 8.1% in May, exceeding the estimate for an increase to 7.7%.