Eurozone producer price inflation accelerates in May

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Eurozone inflation in April was negative 0.2 percent, compared with a revised zero percent in March (AFP Photo/Philippe Huguen
Eurozone inflation in April was negative 0.2 percent, compared with a revised zero percent in March (AFP Photo/Philippe Huguen

Eurozone producer prices increased at a faster pace in May driven by a surge in energy cost, data from Eurostat showed on Friday.

Industrial producer prices were up 9.6 per cent year-on-year, following a 7.6-per-cent rise in April. Economists had forecast an annual increase of 9.5 per cent.

Excluding energy, producer price inflation advanced to 4.9 per cent from 3.6 per cent in the previous month.

Energy prices grew sharply by 25.1 per cent annually in May. Intermediate goods prices rose 9.2 per cent and capital goods prices were up 1.8 per cent. Durable consumer goods and non-durable consumer goods prices moved up 2 per cent and 1.9 per cent, respectively.

On a monthly basis, producer prices climbed 1.3 per cent, faster than April’s 0.9-per-cent rise and economists’ forecast of 1.2 per cent. Producer prices in the EU27 increased 1.4 per cent on month in May, taking the annual growth to 9.6 per cent.

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