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MNI BRIEF: EZ Oct PPI Smashes Records; Points To Higher HICP

(MNI) London

Higher gas prices help fuel surge in euro area factory gate prices in October.

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Eurozone factory gate inflation skyrocketed by 5.4% between October and November, bringing the annual rate of increase to a record-smashing 21.9%, according to data released by Eurostat on Thursday. That far exceeds the elevated rate in the UK, where output prices rose by 8.0% over October of 2021, while input prices jumped by 13.0%.

Shortages in European gas supplies, accounted for much of the increase, rising by 16.8% between October and November, taking the annual rise to 62.5%. Excluding energy, PPI rose by 0.8% over the month and by still-historically-high 8.9% over October of 2020.

The producer price data suggest the consumer price inflation could continue to accelerate from the euro-era-high of 4.9% in November.