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However, on an annual basis, industrial producer prices showed a significant decline. Compared to July 2023, prices fell by 2.1 per cent in the euro area and by 1.9 per cent in the EU.
In the euro area, industrial producer prices for July 2024 saw mixed results across sectors when compared to June 2024. Prices for intermediate goods decreased slightly by 0.1 per cent, while energy prices saw a sharp increase of 2.8 per cent, as per Eurostat
Durable and non-durable consumer goods both experienced price declines of 0.1 per cent. As a result, prices in total industry excluding energy fell by 0.1 per cent. Similarly, in the EU, prices for intermediate goods remained stable, while energy prices rose by 2.5 per cent. Durable consumer goods saw a minor decrease of 0.1 per cent, and non-durable consumer goods prices remained stable. Overall, prices in total industry excluding energy in the EU also declined by 0.1 per cent.
Among EU member states, the highest monthly increases in industrial producer prices were recorded in Bulgaria, with a rise of 3.6 per cent, followed by Greece with an increase of 2.9 per cent, and Romania, where prices grew by 2.7 per cent. In contrast, Sweden saw the largest decrease in producer prices, falling by 0.9 per cent, followed by Finland with a 0.7 per cent drop, and Austria with a 0.2 per cent decline.
When comparing July 2024 to July 2023, the euro area saw a decrease in prices across several sectors. Prices for intermediate goods fell by 1.2 per cent, while energy prices dropped significantly by 6.9 per cent. However, durable consumer goods prices increased by 0.3 per cent, and non-durable consumer goods prices rose by 1 per cent. In total industry excluding energy, prices showed a modest increase of 0.2 per cent.
In the EU, similar trends were observed. Intermediate goods prices declined by 1.2 per cent, and energy prices fell by 5.9 per cent. However, durable consumer goods prices increased by 0.2 per cent, and non-durable consumer goods rose by 0.9 per cent. Prices in total industry excluding energy saw an increase of 0.2 per cent.
On an annual basis, the largest decreases in industrial producer prices were recorded in Slovakia, which experienced a significant 18.9 per cent drop, followed by Luxembourg with a 6.7 per cent decrease, and Latvia with a 6.0 per cent decline. On the other hand, Ireland saw the highest annual increase in producer prices, rising by 6.1 per cent, followed by Romania with a 2.7 per cent increase, and Portugal, where prices grew by 2 per cent.
Fibre2Fashion News Desk (DP)