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EUROZONE DATA: PPI Slightly Higher Than Expected Though Y/Y Remains in Deflation

EUROZONE DATA
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Eurozone PPI in November printed slightly above expectations at -1.2% Y/Y (vs -1.4% consensus, -3.3% revised prior) and 1.6% M/M (vs 1.5% consensus, 0.4% prior). This is the nineteenth consecutive month of Y/Y deflation, though the highest reading since mid 2023 as energy base effects still work their way out of the Y/Y comparison. Note that excluding energy the PPI index level has been broadly unchanged since April whereas including energy it has been increasing since May.

  • Three of the five sub-components saw Y/Y pickups, whilst one saw a marginal softening and one sub-component was unchanged.
  • Energy producer prices fell at a further slower pace of 5.3% Y/Y (vs -11.2% in Oct and -11.6% in Sep).
  • Intermediate goods also fell at a slower pace of 0.3% Y/Y (vs -0.5% in October) - the highest print of 2024 to date.
  • Durable consumer goods prices softened marginally to rise 0.6% Y/Y (vs 0.7% prior).
  • Non-durable consumer goods rose at the same pace as October printing 1.9% Y/Y.
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Eurozone PPI in November printed slightly above expectations at -1.2% Y/Y (vs -1.4% consensus, -3.3% revised prior) and 1.6% M/M (vs 1.5% consensus, 0.4% prior). This is the nineteenth consecutive month of Y/Y deflation, though the highest reading since mid 2023 as energy base effects still work their way out of the Y/Y comparison. Note that excluding energy the PPI index level has been broadly unchanged since April whereas including energy it has been increasing since May.

  • Three of the five sub-components saw Y/Y pickups, whilst one saw a marginal softening and one sub-component was unchanged.
  • Energy producer prices fell at a further slower pace of 5.3% Y/Y (vs -11.2% in Oct and -11.6% in Sep).
  • Intermediate goods also fell at a slower pace of 0.3% Y/Y (vs -0.5% in October) - the highest print of 2024 to date.
  • Durable consumer goods prices softened marginally to rise 0.6% Y/Y (vs 0.7% prior).
  • Non-durable consumer goods rose at the same pace as October printing 1.9% Y/Y.
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