Eurozone Producer Price Inflation Jumps to 8.2 Percent
Eurostat reports that Eurozone industrial producer prices rose 8.2 percent year-on-year in August, driven primarily by a surge in energy costs.
Eurostat reported that industrial producer price inflation in the Eurozone accelerated to 8.2 percent year-on-year in August, an increase from 5.8 percent in July. On a monthly basis, prices grew 1.9 percent, compared to 1.6 percent the previous month.
Energy producer prices drove the surge, jumping 21.0 percent annually and 5.6 percent monthly. Underlying inflationary pressures also rose, with producer prices excluding energy increasing 3.4 percent year-on-year, up from 3.1 percent in July. Intermediate goods saw a 6.8 percent annual increase, while durable consumer goods and capital goods rose by 3.4 percent and 2.6 percent respectively.
Non-durable consumer goods were the only category to see a decline, with prices falling 0.8 percent year-on-year. Every member state in the Eurozone recorded a monthly increase in industrial producer prices, indicating that cost pressures are broadening across the entire production chain.
