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The Producer Price Index (PPI) in the eurozone area climbed more than the expectations in May, after declining in the previous month. However, the industrial producer prices fell on an annual basis, figures released showed Monday.
Producer prices rose 0.6 percent from April, when it dropped 0.3 percent. This was faster than the 0.3 percent increase expected by economists. On an annual basis, producer prices decreased at a slower rate of 3.9 percent in May, following a 4.4 percent fall a month ago. It was expected to decline by 4.1 percent, data released by the Eurostat showed Monday.
Moreover, excluding energy, producer prices slid 1.2 percent annually in May, while it edged up 0.2 percent from the preceding month. Energy prices alone plunged 10.8 percent in May from a year ago, while it grew 1.7 percent over the month.
On the other hand, energy prices rose 1.7 percent for the month with the annual decline slowing to 10.8 percent from 12.5 percent previously. Excluding energy, prices rose 0.2 percent for the month with a 1.2 percent annual decline which was unchanged from the previous month. Also, there were small increases in the capital goods and durable goods sectors while prices for non-durable consumer goods fell 0.6 percent over the year.
However, the recovery in global oil prices is expected to lend some cushion against falling annual prices. Also, the monthly gains should provide some relief to the underlying pressures in prices. The European Central Bank will stay on high alert until there is a decisive upturn in producer prices, reports said.
Meanwhile, the central bank will continue to monitor ongoing trends in prices in the short term, topped with uncertainty, post the EU referendum, although a short-term move to change policy seems unlikely.
