Eurozone Producer Price Inflation Slows In October

Eurozone producer price inflation slowed for the second consecutive month in October reflecting a notable reduction in energy price growth, Eurostat reported Friday.

Producer prices registered an annual increase of 30.8 percent after a 41.9 percent rise in September. Although inflation eased for a second month and remained below economists' forecast of 31.5 percent, overall factory gate prices remained elevated.

Excluding energy, producer price inflation came in at 14.0 percent, slower than the 14.5 percent in September.

The annual producer price inflation was driven by the 65.8 percent rise in energy prices. Energy prices had increased 108.0 percent in September.

Prices of intermediate goods grew 17.4 percent and that of capital goods by 7.5 percent. Durable consumer goods and non-durable consumer goods prices increased 9.8 percent and 16.0 percent, respectively.

Compared to September, producer prices decreased 2.9 percent due to the 6.9 percent fall in energy prices. Prices were forecast to fall 2.0 percent after the 1.6 percent increase in September.

Producer prices in the EU27 increased 31.2 percent from the last year, following September's 41.4 percent surge. Month-on-month, producer prices slid 2.5 percent, in contrast to the 1.4 percent increase in September.

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