Eurozone producer price inflation accelerates in July

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Inflation
Inflation

Eurozone producer price inflation accelerated further in July on higher energy prices, data from Eurostat showed on Thursday.

Producer prices increased 12.1 per cent year-on-year in July, faster than the 10.2 per cent rise seen in June. Economists had forecast an annual growth of 11 per cent.

Excluding energy, producer price inflation increased to 6.7 per cent from 5.6 per cent in the previous month. Energy prices advanced 28.9 per cent annually and intermediate goods prices grew 12.6 per cent.

Prices of durable consumer goods and non-durable consumer goods were up 2.7 per cent and 2.6 per cent, respectively. At the same time, capital goods prices gained 2.5 per cent.

On a monthly basis, producer price inflation rose to 2.3 per cent in July from 1.4 per cent in June. The rate of growth was well above economists’ forecast of 1.1 per cent.

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