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Pushed by higher energy costs and prices for intermediate goods, euro area factory gate inflation rises 10.2% in June.
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Eurozone producer prices surged to a new record high of 10.2% in Jun, Eurostat said Tuesday, extending the record high seen in May. Just 7 months ago, in December, eurozone PPI stood at -1.1% y/y.
Energy prices jumped to 25.4% in Jun and prices for intermediate goods accelerated sharply as well at 10.6%. Survey evidence, such as the EZ manufacturing PMI for July, suggests another increase in input prices at a record rate 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 42.5% y/y in Ireland, 20.7% in Belgium and 15.4% in Spain, while prices in Malta, Slovakia and Cyprus only ticked up 1.3%, 3.5% and 4.8%, respectively.