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EZ PPI Offers Signs That Non-Energy Industrial Goods Drag Could Be Fading

EUROZONE DATA
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Eurozone PPI was a touch higher than expected in June at -3.2% Y/Y (vs -3.3% consensus, -4.1% prior) for a thirteenth successive month of deflation, although the 0.5% M/M was as expected for the first monthly increase since September 2023 (vs -0.2% prior).

  • The slowdown in Y/Y deflation was driven by the energy component seeing it's fourth consecutive increase to -9.4% Y/Y (vs -11.3% prior), after the first monthly rise since October 2023 (1.6% M/M vs -1.1% prior).
  • Intermediate goods also remained in Y/Y deflation although outright deflation continued to moderate with -2.2% vs -2.9% prior.
  • On the other hand, capital goods, durable and non-durable consumer goods continue to see producer prices increase on an annual basis.
  • Specifically, capital goods inflation was unchanged at 1.6% Y/Y, whilst both durable and non-durable consumer goods inflation accelerated one tenth to 0.4% Y/Y and 1.2% Y/Y respectively. This suggests the potential for non-energy industrial goods to no longer see further downward pressure in near-term HICP readings.



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Eurozone PPI was a touch higher than expected in June at -3.2% Y/Y (vs -3.3% consensus, -4.1% prior) for a thirteenth successive month of deflation, although the 0.5% M/M was as expected for the first monthly increase since September 2023 (vs -0.2% prior).

  • The slowdown in Y/Y deflation was driven by the energy component seeing it's fourth consecutive increase to -9.4% Y/Y (vs -11.3% prior), after the first monthly rise since October 2023 (1.6% M/M vs -1.1% prior).
  • Intermediate goods also remained in Y/Y deflation although outright deflation continued to moderate with -2.2% vs -2.9% prior.
  • On the other hand, capital goods, durable and non-durable consumer goods continue to see producer prices increase on an annual basis.
  • Specifically, capital goods inflation was unchanged at 1.6% Y/Y, whilst both durable and non-durable consumer goods inflation accelerated one tenth to 0.4% Y/Y and 1.2% Y/Y respectively. This suggests the potential for non-energy industrial goods to no longer see further downward pressure in near-term HICP readings.