According to a report released by Eurostat, the Statistical Office of the European Communities, in May this year industrial producer prices declined by 1.9 percent in the euro area and by 1.8 percent in the European Union member states (EU), month on month. On year-on-year basis, in the given month, industrial producer prices were down by 1.5 percent in the euro area and by 0.5 percent in the EU.
In May, compared with April, prices in the energy sector were down by 5.0 percent in both the euro area and the EU. Prices of capital goods remained stable both in the euro area and in the EU, while prices of durable goods advanced by 0.3 percent in the euro area and by 0.2 percent in the EU, month on month. In the same month, prices of non-durable goods decreased by 0.1 percent in the euro area and by 0.2 percent in the EU, while prices of intermediate goods decreased by 1.0 percent in the euro area and 1.1 percent in the EU, all on month-on-month basis.
Among member states for which data are available, the largest month-on-month increases in industrial producer prices were recorded in Cyprus (+2.8%) and Malta (+0.4%), while the largest decreases were observed in Ireland (-7.4%), Italy (-3.1%) and Finland (-3.0%).
In the given month, compared with May 2022, prices in the energy sector fell by 13.3 percent in the euro area and by 10.4 percent in the EU. Prices of intermediate goods decreased by 1.5 percent in the euro area and by 1.3 percent in the EU, while prices of durable goods were up by 6.7 percent in the euro area and by 6.5 percent in the EU, all on year-on-year basis. In the same month, prices of non-durable goods moved up by 9.6 percent in the euro area and by 9.8 percent in the EU, year on year. Prices of capital goods rose by 5.6 percent in the euro area and 5.5 percent in the EU, year on year.
Among member states for which data are available, the largest year-on-year increases were recorded in Hungary (+36.3%), Slovakia (+21.0%) and Latvia (+12.0%).