Mproducer prices in the Eurozone took a big plunge and marginally greater than forecasts, a sign of an imminent de-escalation of inflation.
Eurozone producer prices fell 12.4% year-on-year in September 2023, after falling 11.5% the previous month and compared with market consensus for a 12.5% decline.
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This marked the sharpest decline in producer prices on record, driven by falling costs for both energy (-31.3% vs. -30.6% in August) and intermediate goods (-4.8% vs. -4, 5%). At the same time, inflation slowed for
- capital goods (3.9% vs. 4.4%),
- durable goods (4.3% vs. 4.7%) and
- non-durable consumer goods (5.5% vs. 6.6%).
Excluding energy, producer price inflation slowed to 0.5% year-on-year in September from 1.0% in August.
On a monthly basis, producer prices increased by 0.5%, marking the second consecutive month of increase.
