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Eurozone September PPI printed broadly in line with consensus

EUROZONE DATA

Eurozone September PPI printed broadly in line with consensus, at -12.4% Y/Y (vs -12.5% forecast, -11.5% prior). On a monthly basis it rose +0.5% M/M (vs +0.5% forecast, +0.6% prior), a second successive monthly increase in producer prices (the only two increases in 2023).

  • Y/Y falls look broad-based with each major subcategory lower in September.
  • Excluding energy, Producer Prices have fallen from +1.0% Y/Y in August to +0.5% Y/Y in September, following successive falls from double digits growth earlier in 2023 and a peak in summer 2022. This is the lowest Y/Y ex-energy print since 2020.

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