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Eurozone Producer Prices Fall Most In More Than 3 Years

Eurozone producer prices declined at the fastest pace in more than three years in October, data from Eurostat showed Tuesday.

Producer prices decreased 1.9 percent year-on-year in October following a 1.2 percent drop in September. Prices were expected to ease 1.8 percent.

Prices fell for the third straight month and this was the biggest decrease since July 2016, when prices declined 2.4 percent.

Excluding energy, producer price inflation eased slightly to 0.3 percent from 0.4 percent in September.

Prices of energy plunged 7.9 percent, and cost of intermediate goods were down 1 percent. Partially offsetting these declines, capital goods prices gained 1.4 percent and durable consumer goods prices moved up 1.6 percent. Non-durable consumer goods prices increased 1.5 percent.

On a monthly basis, producer prices gained 0.1 percent in October, the same pace of increase as seen in September. Economists had forecast prices to remain flat on month.

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