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EUROZONE DATA: PPI In-Line With Consensus, Driven by Energy

EUROZONE DATA
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Eurozone PPI in September printed in-line with consensus at -3.4% Y/Y (vs -2.3% prior) and -0.6% M/M (vs 0.6% prior). This is the seventeenth consecutive month of deflation. On a monthly basis this is non-seasonally adjusted data but it is still worth noting this was the first negative reading since May 2024.

  • The in-line reading was driven by energy producer prices falling more rapidly by 11.6% Y/Y (vs -7.8% in August), the lowest reading since May 2024. This is partly due to a 1.9%M/M fall, but also partly driven by base effects.
  • Capital goods prices softened to 1.3% Y/Y (vs 1.5% prior).
  • Durable and non-durable consumer goods producer prices edged up to 0.5% Y/Y (vs 0.3% prior) and 1.5% Y/Y (vs 1.1% in August).
  • Intermediate goods remain in deflation, though the rate of decline softened to -0.7% Y/Y from -0.9% in August. This is the highest Y/Y growth since Spring 2023.


 

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Eurozone PPI in September printed in-line with consensus at -3.4% Y/Y (vs -2.3% prior) and -0.6% M/M (vs 0.6% prior). This is the seventeenth consecutive month of deflation. On a monthly basis this is non-seasonally adjusted data but it is still worth noting this was the first negative reading since May 2024.

  • The in-line reading was driven by energy producer prices falling more rapidly by 11.6% Y/Y (vs -7.8% in August), the lowest reading since May 2024. This is partly due to a 1.9%M/M fall, but also partly driven by base effects.
  • Capital goods prices softened to 1.3% Y/Y (vs 1.5% prior).
  • Durable and non-durable consumer goods producer prices edged up to 0.5% Y/Y (vs 0.3% prior) and 1.5% Y/Y (vs 1.1% in August).
  • Intermediate goods remain in deflation, though the rate of decline softened to -0.7% Y/Y from -0.9% in August. This is the highest Y/Y growth since Spring 2023.