Eurozone producer price index rose more than expected in July

According to the report from Eurostat, in July 2020, a month marked by some relaxation of COVID-19 containment measures in many Member States, industrial producer prices rose, compared with June 2020, by 0.6% in the euro area and by 0.4% in the EU. Economists had expected a 0.5% increase in the euro area.

In June 2020, prices increased by 0.7% in the euro area and by 0.8% in the EU. In July 2020, compared with July 2019, industrial producer prices decreased by 3.3% in the euro area and by 3.0% in the EU.

Industrial producer prices in the euro area in July 2020, compared with June 2020, increased by 2.1% in the energy sector, by 0.4% for durable consumer goods and by 0.1% for intermediate goods, while prices remained stable for capital goods and decreased by 0.2% for non-durable consumer goods. Prices in total industry excluding energy remained stable. In the EU, industrial producer prices increased by 1.7% in the energy sector, by 0.4% for durable consumer goods and by 0.1% for intermediate goods, while prices remained stable for capital goods and decreased by 0.1% for non-durable consumer goods. Prices in total industry excluding energy remained stable.

Industrial producer prices in the euro area in July 2020, compared with July 2019, decreased by 11.6% in the energy sector and by 2.0% for intermediate goods, while prices rose by 0.4% for non-durable consumer goods, by 0.9% for capital goods and by 1.6% for durable consumer goods. Prices in total industry excluding energy decreased by 0.4%. In the EU, industrial producer prices decreased by 11.2% in the energy sector and by 1.8% for intermediate goods, while prices rose by 0.8% for non-durable consumer goods, by 1.1% for capital goods and by 1.7% for durable consumer goods. Prices in total industry excluding energy decreased by 0.3%.