Eurozone PPI Inflation Hits New Record High
Eurozone producer price inflation accelerated more-than-expected to a fresh record high in August amid soaring energy prices, data released by Eurostat showed on Tuesday.
Producer prices climbed 43.3 percent year-on-year in August, faster than the revised 38.0 percent rise in July. That was just above the 43.1 percent increase expected by economists.
A jump in energy prices of 116.8 percent was largely responsible for the acceleration of inflation in August.
Excluding energy, producer price inflation eased slightly to 14.5 percent from 15.1 percent.
Prices for intermediate goods registered a sharp growth of 19.9 percent annually in August, and those for non-durable consumer goods gained 14.4 percent.
There was an increase of 7.8 percent and 9.8 percent in producer prices of capital goods and durable consumer goods, respectively.
On a monthly basis, producer prices moved up 5.0 percent in August, after rising 4.0 percent in the previous month. The expected increase was 4.9 percent.
Producer prices in the EU27 grew 43.0 percent yearly and by 4.9 percent monthly in August.
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