04.10.202312:06:00UTC+00Eurozone Producer Prices Log Double-Digit Decline In August

Eurozone producer prices registered a double-digit annual decline in August due to the sharp fall in energy prices, data from Eurostat showed on Wednesday.

Producer prices slid 11.5 percent from a year ago in August, following July's 7.6 percent decrease. Prices were expected to fall 11.6 percent.

However, excluding energy, producer price inflation eased to 1.0 percent in August from 1.6 percent in the previous month.

Data showed that energy prices plunged 30.6 percent annually after easing 24.2 percent a month ago. In addition, prices of intermediate goods dropped 4.5 percent.

Partially offsetting these declines, prices of non-durable consumer goods moved up 6.7 percent and that of durable consumer goods grew 4.7 percent. Capital goods prices gained 4.3 percent.

On a monthly basis, producer prices climbed 0.6 percent in August, in contrast to the 0.5 percent drop in July.