Euro area producer prices surprise sharply to the downside in May
Factory gate prices in the single currency bloc dropped unexpectedly in April amid a downdraft in energy costs and falling inflation in France and Italy.
According to Eurostat, Eurozone producer prices declined at a month-on-month pace of 0.3%, as energy prices plunged by 1.5% against March, pushing the year-on-year rate of change from 2.9% to 2.6%.
Economists had been anticipating an increase of 0.4% versus March and of 3.3% in comparison to a year ago.
Prices for non-durable consumer goods on the other hand increased by 0.5% on the month, while those for intermediate, capital, and durable goods all rose by 0.1%.
By countries, prices rose by 0.5% in Germany and by 0.6% in Spain, but fell by 0.6% in France and 1.5% in Italy.