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A report from the Emirates News Agency highlighted Eurostat data showing that EU industrial producer prices rose 5.6 percent year-on-year in July. The statistical office of the European Union placed the euro area increase at 5.8 percent over the same period. The July annual gain accelerated from the 4.6 percent rise recorded for the euro area in June.
Eurostat reported that industrial producer prices advanced 1.4 percent in the EU and 1.6 percent in the euro area between June and July. Energy prices drove much of the monthly increase with a 4.7 percent rise across the EU and a 5.6 percent gain in the euro area. Total industry prices excluding energy remained nearly stable with a 0.1 percent increase in the EU and no change in the euro area.
According to Eurostat figures energy prices climbed 12.5 percent year-on-year in the EU and 12.9 percent in the euro area. Intermediate goods prices increased by 6.0 percent in the EU and by 6.3 percent in the euro area while capital goods rose 2.4 percent and 2.6 percent respectively. Durable consumer goods prices gained 2.8 percent in the EU and 2.9 percent in the euro area with non-durable consumer goods declining 0.5 percent and 0.7 percent.
Eurostat data placed the highest annual increases among member states in Ireland at 14.8 percent followed by Lithuania at 12.9 percent. Bulgaria registered a 12.5 percent rise on its domestic market which ranked as the third largest annual gain. Monthly increases topped out in Ireland at 4.3 percent with Spain and Italy each recording 3.0 percent advances while Estonia saw a 3.3 percent decline.
The German Federal Statistical Office reported a 3.0 percent year-on-year increase in producer prices for July with intermediate goods up 5.4 percent and energy rising 3.8 percent. Istat figures from Italy showed a 7.8 percent annual advance in industrial producer prices for the month. These national statistics illustrate the range of pressures across the bloc’s largest economies.
Eurostat noted that prices for products sold on domestic markets within the EU rose at a similar pace to those bound for non-domestic markets. The July data arrives after a period in which producer prices had shown volatility tied to global energy markets. Further releases from the statistical office are scheduled for early October.
