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Eurozone PPI Inflation Eases More Than Forecast

Eurozone producer price inflation slowed more than expected in May, after reaching a new record high in April, data released by Eurostat showed on Monday.

Producer prices climbed 36.3 percent year-on-year in May, following a 37.2 percent rise in April. Economists had forecast inflation to ease to 36.7 percent.

A surge in energy prices of 94.4 percent was largely responsible for overall inflation in May.

Excluding energy, producer price inflation rose slightly to 16.0 percent from 15.6 percent.

Prices for intermediate goods registered a sharp growth of 25.0 percent annually in May and those for non-durable consumer goods gained 12.3 percent.

There was an increase of 7.5 percent and 9.1 percent in producer prices of capital goods and durable consumer goods, respectively.

On a monthly basis, producer prices went up 0.7 percent in May, slower than the 1.2 percent rise in the previous month. That was below the expected increase of 1.0 percent.

Producer prices in the EU27 grew 36.4 percent yearly and by 0.8 percent monthly in May.

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