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Free AccessMNI: Euro Area Producer Inflation Jumps in May
--EMU Producer Prices Up 3.0% y/y in May vs +1.9% y/y April
LONDON (MNI) - A surge in energy prices carried euro area producer price
inflation rise to a 13-month high in May, according to a report published by
Eurostat on Tuesday.
--PPI HIGHEST SINCE APR 17
Industrial producer prices rose by 3.0% y/y in the euro area, up from a
revised 1.9% y/y in April, to settle at the highest level witnessed since April
2017 when producer price inflation climbed to 4.2%.
On the month, prices rose by 0.8%, having held broadly flat since February,
the highest month-over-month outturn registered in two months shy of a
year-and-a-half.
--ENERGY SURGE
Largely culpable for the May jump was the marked 2.6% m/m increase in
energy prices. Since 2011, there has not been a month-on-month rise in energy
price inflation greater than 2.6%, with prices growing at this rate only on two
other occasions (Jan 2012 and Aug 2012).
On the year, energy prices were up 7.6%, up from 3.5% in April, and the
highest outturn since April 2017.
Elsewhere, intermediate goods prices rose 0.3% between April and May,
durable goods were up 0.1% while capital goods and for non-durable consumer
goods prices remained stable. Prices in total industry excluding energy rose by
0.2%.
The 3.0% increase in industrial producer prices in total industry in the
euro area in May 2018, compared with May 2017, in addition to the 7.6% in the
energy sector, was attributed to a 2.4% rise in intermediate goods prices, a
1.1% rise in durable consumer goods prices and rises of 0.9% and 0.3% across
capital goods and non-durable consumer goods respectively.
Highlighting the impact of fuels, prices in total industry excluding energy
rose by 1.4%.
--EU PPI ALSO UP
Across the wider European Union, producer prices rose 1.0% m/m, up 0.9pp
from April, for a 3.6% rise on the year, up from 1.9% y/y in April.
--MNI London Bureau; +44 203-586-2226; email: jamie.satchithanantham@marketnews.com
[TOPICS: M$E$$$,M$X$$$,MT$$$$,M$XDS$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.