Eurozone producer inflation eases to 17-month low

By Tuba Ongun

ANKARA (AA) – Producer inflation in the euro area eased to a 17-month low in February, according to data released on Tuesday.

Industrial producer prices rose 13.2% from a year ago in February, down from a revised 15.1% annual hike in January, Eurostat said.

Costs increased at a slower pace for energy (17.4% in February versus 20.7% in January) as well as intermediate goods (9.3%), durable goods (8.7%), and non-durable consumer goods (15.2%).

Industrial producer prices in the euro area in February 2023, compared with February 2022, rose 17.4% in the energy sector, 15.2% for non-durable consumer goods, 9.3% for intermediate goods, 8.7% for durable consumer goods, and 7.3% for capital goods.

Excluding energy, producer price inflation cooled to 10.2% in February, down from 11.1% in January.

Producer inflation in the EU also fell to 14.5% in February.

Prices rose in all member states, with the largest yearly hike seen in Hungary (56.1%), Latvia (37.4%), and Slovakia (33.8%).

On a monthly basis, industrial producer prices fell 0.5% in the euro area and 0.6% in the EU in February.