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Eurozone producer prices surged to a record high of 9.6% in May, Eurostat said Friday, building on April's 13-year high of 7.6%. Just 6 months ago, in December, eurozone PPI stood at -1.1% y/y.
Energy prices jumped to 25.1% in May and prices for intermediate goods accelerated sharply as well at 9.2%. Survey evidence, such as the EZ manufacturing PMI for June, suggests another increase in input prices due to supply-side constraints. Additionally, the report saw an uptick in output prices as well, as companies pass on the higher costs.
On a national level, prices rose over 45.1% y/y in Ireland, 20.1% in Belgium and 15.4% in the Netherlands, while prices in Malta, Slovakia and Cyprus only ticked up 1.1%, 3.4% and 4.0%, respectively.