Eurozone producer prices continue to fall in July

By Tuba Ongun

Eurozone industrial producer prices in July decreased annually for the third consecutive month, according to official data released on Tuesday.

Producer prices plunged 7.6% year-on-year, accelerating from a 3.4% decrease in June, Eurostat said.

This was the steepest annual decline registered in the single currency zone since 2009.

The decline was mainly led by energy prices that fell 24.2% annually in July.

Prices in total industry, excluding energy, increased by 1.6% from the prior year.

The largest annual decreases in industrial producer prices were seen in Ireland (39.5%), Bulgaria (18.1%) and Italy (13.8%), while the largest hikes were registered in Hungary (18.8%), Slovakia (17.8%) and Slovenia (6.8%).

On a monthly basis, industrial producer prices dropped 0.5% in July.