According to the report from the Eurostat, in October, the growth of eurozone producer prices accelerated to 5.4% compared to 2.8% in September (revised from +2.7%). Economists had expected a 3.5% increase. In annual terms, the producer price index increased by 21.9% after an increase of 16.1% in September (revised from +16.0%). Producer prices were expected to rise by 19.0%.
The data showed that the acceleration in the growth of producer prices compared to September was caused by an increase in prices in the energy sector (+16.8%), as well as the rise in prices of intermediate goods (+1.4%), consumer goods for long-term and short-term use (+0.5%) and capital goods (+0.4%). Meanwhile, excluding energy, producer prices rose by 0.8% compared to September.
In annual terms, the key factor in the growth of producer prices was also the energy sector (prices increased by 62.5%). Meanwhile, the cost of intermediate goods increased by 16.8%, while prices for consumer durables increased by 4.2%. Capital goods (+3.9%) and short-term consumer goods (+3.4%) also rose in price. Excluding energy, producer prices increased by 8.9% per annum.