Rising Energy Prices Boost Eurozone Producer Prices

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Eurozone producer prices rose significantly in June, mainly driven by higher energy prices.

 

According to the European statistical office of Eurostat, prices charged by producers for their products in the eurozone rose by 1.4 percent monthly. On an annual basis, it was more than 10 percent.

Eurozone energy prices rose by 3.3 percent every month. On an annual basis, this is an increase of more than a quarter, mainly due to the rise in oil prices due to optimism about the economic recovery from the corona crisis.

Excluding the energy sector from the equation, producer prices rose by 0.7 percent monthly. On an annual basis, this represents an increase in prices of 5.6 percent.

In the European Union, producer prices also rose by 1.4 percent every month and more than 10 percent on an annual basis.

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