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PPI ex-energy remains at -1.3%Y/Y in March

EUROZONE DATA
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  • Eurozone PPI data was largely in line with expectations, falling 0.4%M/M (consensus -0.4%M/M, prior -1.0%M/M) and falling 7.8%Y/Y (consensus -7.7%Y/Y, prior -8.3%Y/Y).
  • However, the less negative Y/Y print was driven by energy base effects with energy at -20.0%Y/Y in March from -21.3%Y/Y in February (despite the -2.0%M/M print). This left PPI ex-energy at -1.3%Y/Y in March (-1.3%Y/Y in February and -1.2%Y/Y in January).
  • Looking at the other underlying components, intermediate goods provided an upward contribution, falling 4.8%Y/Y in March (-5.3%Y/Y in February) but capital goods (1.9%Y/Y in March vs 2.0%Y/Y in Feb), durable consumer goods (1.0%Y/Y in March versus 1.2% in Feb) and non-durable consumer goods (0.9%Y/Y in March vs 1.3%Y/Y in February) all saw downside contributions to the Y/Y rate.
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  • Eurozone PPI data was largely in line with expectations, falling 0.4%M/M (consensus -0.4%M/M, prior -1.0%M/M) and falling 7.8%Y/Y (consensus -7.7%Y/Y, prior -8.3%Y/Y).
  • However, the less negative Y/Y print was driven by energy base effects with energy at -20.0%Y/Y in March from -21.3%Y/Y in February (despite the -2.0%M/M print). This left PPI ex-energy at -1.3%Y/Y in March (-1.3%Y/Y in February and -1.2%Y/Y in January).
  • Looking at the other underlying components, intermediate goods provided an upward contribution, falling 4.8%Y/Y in March (-5.3%Y/Y in February) but capital goods (1.9%Y/Y in March vs 2.0%Y/Y in Feb), durable consumer goods (1.0%Y/Y in March versus 1.2% in Feb) and non-durable consumer goods (0.9%Y/Y in March vs 1.3%Y/Y in February) all saw downside contributions to the Y/Y rate.