The 2020 Mid-Year Economic Update_long

European Industrial Producer Price Index Falls in May

Prices decline sequentially and year-over-year.

The industrial producer price index in May fell by 0.3 percent in both the euro area (EA17) and the EU272 compared with April, according to estimates from Eurostat. In April prices decreased by 0.6 percent in the euro area and by 0.8 percent in the EU27. Compared with the prior year, industrial producer prices fell by 0.1 percent in the euro area and remained stable in the EU27.

Compared with the previous month, May prices in total industry excluding the energy sector fell by 0.1 percent in both the euro area and the EU27. Prices in the energy sector fell by 0.8 percent and 0.9 percent respectively. In both zones, intermediate goods decreased by 0.2 percent, while durable consumer goods and capital goods remained stable. Nondurable consumer goods increased by 0.1 percent in the euro area and by 0.2 percent in the EU27.

Prices decreased in most of the Member States for which data are available. The largest decreases in the total index were observed in Estonia (down 3.6 percent), France (down 1.2 percent), Denmark and Cyprus (both down 0.8 percent). Increases were recorded only in Spain (up 1.3 percent), Greece, Lithuania and Poland (all up 0.1 percent), while prices remained stable in Malta.

Compared with the same period a year earlier, May prices in total industry excluding the energy sector increased by 0.5 percent in the euro area and by 0.6 percent in the EU27. Prices in the energy sector decreased by 1.8 percent and 2.2 percent respectively. In both zones intermediate goods fell by 0.5 percent, while capital goods increased by 0.6 percent. Durable consumer goods gained 0.7 percent in the euro area and 0.5 percent in the EU27. Non-durable consumer goods rose by 2 percent and 2.2 percent respectively.

Among the Member States for which data are available, the highest increases in the total index were observed in Estonia (up 6.7 percent), Romania (up 4.9 percent), Latvia (up 2.1 percent), Denmark (up 1.7 percent) and the United Kingdom (up 1.5 percent), and the largest decreases in Poland (down 2.1 percent), Cyprus (down 2 percent), Hungary and Sweden (both down 1.5 percent), the Netherlands and Austria (both down 1.2 percent).

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