Eurozone producer prices rose less than expected in May as energy costs eased slightly, in a sign that upstream inflationary pressures are starting to soften.
The producer price index rose 0.7% in May from the previous month, down from a 1.2% monthly gain in April.
Economists had expected an increase of 1.2% on a monthly basis.
On an annual basis, producer prices rose 36.3% in May from a year earlier, slightly lower than the 37.2% increase in April.
This is the first time producer prices in the eurozone have fallen since May 2020.
Energy prices fell 0.2% in May on a monthly basis, helping to slow the annual increase in energy costs to 94.4% from 99% in April.