Producer inflation in the eurozone exceeded expectations

The producer price index (PPI) in the euro zone rose 24.6 percent annually in December due to higher energy prices.

The European Statistical Office (Eurostat) has published the PPI data for December 2022 for the European Union (EU) and the Eurozone.

Consequently, the PPI in the EU increased by 1.2% in December compared to the previous month and by 25.2% compared to December 2021.

In the euro zone, the PPI rose 1.1 percent on a month and 24.6 percent on a yearly basis in December.

Market expectations were that the PPI would decline 0.4 percent monthly and rise 22.5 percent annually.

Therefore, the latest data revealed that the PPI performed above expectations.

INCREASED 48.6 PERCENT IN THE ENERGY SECTOR

The average PPI increased by 34.4% in the euro area and 34.3% in the EU in 2022 compared to the previous year.

In said period, producer prices in the Euro Zone increased by 48.6 percent annually in the energy sector.

Among EU countries, the PPI increased the most in Hungary at 62.7 percent, Latvia at 49.4 percent and Romania at 41.9 percent in December.

The annual PPI was determined at 39.2 percent in Italy, 22.4 percent in Germany, 20.7 percent in France, and 14.7 percent in Spain. (AA)