High Increase in Euro Area Producer Prices
According to data released by Eurostat, producer prices in the Euro area rose by 1.9 percent month-on-month and 8.2 percent year-on-year in August.
Eurostat, the statistical office of the European Union, has released the producer price index data for August. Accordingly, a significant increase in producer prices was recorded across the Euro area and the European Union.
August PPI Data
The statistical office of the European Union has officially announced the producer price index data for August for the European Union and the Euro area.
Growth Rates in the Euro Area
Producer prices in the Euro area recorded an increase of 1.9 percent in August compared to the previous month. The year-on-year increase stood at 8.2 percent.
Situation Across the European Union
Across the European Union, the producer price index increased by 1.9 percent in August compared to the previous month. The annual increase rate compared to the same month of the last year was calculated as 8 percent.
Impact of Energy Prices
The 5.6 percent increase in energy prices played a decisive role in the monthly rise of producer prices in the Euro area. When energy was excluded, the monthly increase in producer prices in the region was limited to 0.2 percent.
Monthly Changes by Country
Among European Union members, countries with the highest monthly increases in producer prices in August were identified. The largest increases were observed in Bulgaria and Estonia with 3.3 percent, in Italy with 3.1 percent, and in Denmark with 3 percent.
Highest Increases on an Annual Basis
When producer prices were examined on an annual basis in August, notable increases drew attention in certain countries. Annual increases of 17.1 percent in Ireland, 16.8 percent in Bulgaria, and 14.6 percent in Lithuania were recorded.