According to initial estimates from Eurostat, the statistical office of the EU, industrial
producer prices in both the euro area and the European Union increased by 0.8% in July 2024
compared to the previous month. This follows a 0.6% rise in June 2024 for both regions.
On an annual scale, however, there was a noticeable decline in prices. Compared to July
2023, producer prices dropped by 2.1% in the euro area and by 1.9% in the EU.
In the euro area, July 2024 showed mixed results across various sectors when compared to
June. Prices for intermediate goods saw a slight dip of 0.1%, while energy prices surged by
2.8%, as per Eurostat data. Prices for both durable and non-durable consumer goods also fell
by 0.1%, leading to a 0.1% drop in overall industry prices, excluding energy. Similarly, in the
EU, intermediate goods prices remained stable, but energy prices rose by 2.5%. Durable
consumer goods saw a minor decline of 0.1%, while non-durable consumer goods prices
remained unchanged. The total industry prices, excluding energy, fell by 0.1%.
Among EU nations, Bulgaria experienced the highest monthly increase in industrial producer
prices, with a 3.6% rise, followed by Greece (2.9%) and Romania (2.7%). On the flip side,
Sweden recorded the largest drop in prices, with a 0.9% decrease, followed by Finland
(0.7%) and Austria (0.2%).
Looking at year-on-year data, the euro area saw price declines across several sectors.
Intermediate goods prices fell by 1.2%, and energy prices dropped sharply by 6.9%.
However, there were slight increases in durable consumer goods (0.3%) and non-durable
consumer goods (1%). Excluding energy, prices in total industry saw a modest increase of
0.2%.
Similar trends were observed in the EU, where intermediate goods prices fell by 1.2%, and
energy prices dropped by 5.9%. Prices for durable and non-durable consumer goods rose by
0.2% and 0.9%, respectively. The overall industry prices, excluding energy, also experienced
a 0.2% increase.
On an annual basis, Slovakia experienced the most significant drop in industrial producer
prices, with a sharp 18.9% decrease. Luxembourg followed with a 6.7% decline, and Latvia
with a 6% drop. In contrast, Ireland saw the highest annual increase in producer prices, rising
by 6.1%, followed by Romania (2.7%) and Portugal (2%).
Menu
