According to the report released by Eurostat, the Statistical Office of the European Communities, in May this year industrial producer prices increased by 0.8 percent in the euro area and by one percent in the European Union member states (EU-28), month on month. As compared to May last year, in May this year industrial producer prices rose by three percent in the euro area and by 3.6 percent in the EU-28.
In May this year compared with April, prices in the energy sector increased by 2.6 percent in the euro area and were up by 3.4 percent in the EU-28. Prices of intermediate goods grew by 0.3 percent both in the euro area and in the EU-28, month on month. Prices of non-durable goods remained unchanged both in the euro area and in the EU-28 on month-on-month basis. Prices of capital goods remained stable in the euro area, while increasing by 0.1 percent in the EU-28. Price of durable goods rose by 0.1 percent in the euro area and 0.3 percent in the EU-28, all on month-on-month basis.
In the given month, among the member states for which data are available, the largest month-on-month increases in industrial producer prices were recorded in Greece (+2.4%), Portugal (+1.9%), and Cyprus and Hungary (both +1.8%). The largest decreases were observed in Ireland (-0.5%) and Latvia (-0.3%), on month-on-month basis.
In May this year as compared to May 2017, prices in the energy sector rose by 7.6 percent in the euro area and were up by 10.8 percent in the EU-28. Prices of intermediate goods increased by 2.4 percent in the euro area and by 2.7 percent in the EU-28, and the prices of non-durable goods increased by 0.3 percent in the euro area and by 0.5 percent in the EU-28, all year on year. Prices of capital goods moved up by 0.9 percent in the euro area and one percent in the EU-28, while the prices of durable goods increased by 1.1 percent in the euro area and 1.3 percent in the EU-28, all on year-on-year basis.
Among member states for which data are available, the largest year-on-year increases were recorded in the United Kingdom (+6.7%), Belgium (+6.5%), and Estonia, Greece and Hungary (all +5.5%). Year-on-year decreases were observed in Ireland (-2.7%) and Luxembourg (-0.5%).