Eurozone producer prices experienced continued declines in April, driven primarily by a significant reduction in energy prices, according to data released on Wednesday by Eurostat.
Producer prices fell by 5.7% year-over-year in April, following a sharper 7.8% decline in March. Economists had forecasted a more modest decrease of 5.1%.
When excluding energy, producer prices saw a reduction of 1.0%, slightly better than the 1.3% drop recorded in the previous month, the data indicated.
Among the major components, energy prices witnessed the steepest fall at 14.7%, followed by a 3.9% decline in intermediate goods prices.
Conversely, capital goods prices increased by 1.5%, while prices for durable consumer goods rose by 1.0%. Non-durable consumer goods prices also edged up by 0.9%.
Month-over-month, the decline in producer prices doubled to 1.0% from March’s 0.5% decrease. Economists had anticipated a smaller 0.6% drop.
