Eurozone’s producer prices declined at a faster-than-expected pace in August, figures from Eurostat showed Friday.
The producer price index fell 2.6 percent year-over-year in August, which was worse than the 2.1 percent decrease in July. Economists had expected a 2.4 percent drop for the month.
The annual decline in August was largely due to a 8.2 percent sharp decline in energy prices. Excluding energy, producer prices dropped by 0.5 percent.
Prices in the intermediate goods sector went down 1.1 percent in August from a year ago and that for non-durable consumer goods sector slid by 0.9 percent.
At the same time, prices in the capital goods sector grew 0.6 percent and those of durable consumer goods climbed by 0.7 percent.
On a monthly basis, producer prices dropped 0.8 percent in August, following a 0.2 percent fall in the prior month, revised from the 0.1 percent decrease reported earlier. The expected rate of decline was 0.6 percent.
The material has been provided by InstaForex Company – www.instaforex.com