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Producer Prices Remain in Deflation

EUROZONE DATA
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Eurozone Producer Prices for December came in largely in line with expectations at -10.6% Y/Y (vs -10.5% cons; -8.8% prior) and -0.8% M/M (vs -0.8% cons; -0.3% prior). Excluding the energy component, producer prices printed -0.4% Y/Y (vs -0.4% prior) and -0.1% M/M (vs -0.2% prior).

  • The energy component saw more deflationary pressures on the Y/Y print to -27.5% Y/Y (vs -23.9% prior), the most since September 2023. Energy prices also deflated on the month at -2.3% M/M (vs -1.0% prior).
  • Intermediate goods remained in deflationary territory but increase slightly to -4.9% Y/Y (vs -5.1% prior).
  • Elsewhere, capital, durable consumer, and non-durable consumer goods all saw falls in their Y/Y rates, coming in at 2.8% (vs 3.1% prior), 3.0% (vs 3.5% prior) and 3.2% (vs 3.6% prior), respectively, suggesting further downside pressure on non-energy industrial goods CPI in the coming months.
  • "The highest annual decreases in producer prices were recorded in Ireland (-43.5%) and Italy (-20.5% Y/Y). The highest increases were observed in Luxembourg (+20.2% Y/Y), Slovakia (+13.3% Y/Y) and Slovenia (+2.0% Y/Y)", according to Eurostat.

MNI, Eurostat

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Eurozone Producer Prices for December came in largely in line with expectations at -10.6% Y/Y (vs -10.5% cons; -8.8% prior) and -0.8% M/M (vs -0.8% cons; -0.3% prior). Excluding the energy component, producer prices printed -0.4% Y/Y (vs -0.4% prior) and -0.1% M/M (vs -0.2% prior).

  • The energy component saw more deflationary pressures on the Y/Y print to -27.5% Y/Y (vs -23.9% prior), the most since September 2023. Energy prices also deflated on the month at -2.3% M/M (vs -1.0% prior).
  • Intermediate goods remained in deflationary territory but increase slightly to -4.9% Y/Y (vs -5.1% prior).
  • Elsewhere, capital, durable consumer, and non-durable consumer goods all saw falls in their Y/Y rates, coming in at 2.8% (vs 3.1% prior), 3.0% (vs 3.5% prior) and 3.2% (vs 3.6% prior), respectively, suggesting further downside pressure on non-energy industrial goods CPI in the coming months.
  • "The highest annual decreases in producer prices were recorded in Ireland (-43.5%) and Italy (-20.5% Y/Y). The highest increases were observed in Luxembourg (+20.2% Y/Y), Slovakia (+13.3% Y/Y) and Slovenia (+2.0% Y/Y)", according to Eurostat.

MNI, Eurostat