Brussels, Belgium (4E) – Producer prices in the euro area fell in July following an increase in June, according to a Eurostat report released Tuesday.
Producer prices dropped 0.1 percent in July from the prior month due to a 0.6 percent decline in energy prices. Producer prices in June inched up 0.2 percent, which marked the first monthly increase in 2014.
Every sub-component of the producer prices index for July stayed unchanged except prices of energy.
Producer prices fell 1.1 percent on the year, which compared with the 0.8 percent drop in June. The annual and monthly numbers were in line with economists’ estimates for July.
In the broader European Union, producer prices fell 0.2 percent in July on the month and declined 1.3 percent on the year.
The biggest annual declines in industrial producer prices were recorded in Slovakia, Lithuania and Belgium. The highest gains were seen in Sweden, Romania and Latvia.