Euro zone producer prices inch up in Nov, matching expectations
A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo
BRUSSELS (Reuters) — Euro zone producer prices inched higher as expected in October compared with September as a rise in energy prices offset slight declines in a range of goods, while the decline from a year earlier eased.
The European Union’s statistics office Eurostat said on Tuesday that prices at factory gates in the 20 countries sharing the euro were 0.2% higher month-on-month in October, but down 9.4% down against a year earlier.
The average expectations of economists were respectively for a 0.2% increase and a 9.5% drop.
The figures compared with a 0.5% monthly increase in September and a 12.4% year-on-year decline.
Compared with September, energy prices in October rose by 1.0% and durable consumer goods by 0.1%. Prices of capital goods, such as machinery and tools, were unchanged.
Prices of non-durable consumer goods fell by 0.1% and of intermediate goods, such as steel, sugar or wood, by 0.3%
Producer prices are an early indication of trends in consumer inflation, which the European Central Bank wants to bring down to its target of 2.0%. It dropped for a third straight month in November to 2.4%.
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