Eurozone PPI fell 30 percent in October to its lowest level in nine months, according to Eurostat data released on Friday. It was stated that energy costs were effective in the decline of PPI.
The European Statistical Office (Eurostat) has released October PPI data for the European Union (EU) and the Eurozone. Accordingly, producer price inflation in the Euro Zone fell to its lowest level in nine months in October, along with energy costs.
Accordingly, while the PPI in the EU decreased by 2.5 percent in October compared to the previous month, it increased by 31.2 percent compared to the previous year.
In the Euro Zone, on the other hand, PPI decreased by 2.9 percent on a monthly basis and increased by 30.8 percent on an annual basis. Although the rate of increase is still above 30 percent, this level indicates a decrease of more than 10 percent compared to September, and it is evaluated that this situation may indicate that the pressures on consumers have weakened in the coming period.
Market expectations were for the PPI to increase by 32.1 percent annually. In the said period, producer prices increased by 65.8 percent in the energy sector and 17.4 percent in intermediate goods on an annual basis in the Euro Area.
Among EU countries, PPI increased the most in Hungary with 68 percent, Slovakia with 59.3 percent and Latvia with 57.9 percent in October. In the leading economies of Europe, the annual PPI was 35.5 percent in Germany, 33.7 percent in Italy, 26.2 percent in Spain and 24.7 percent in France.