June 6, 2023 – Producer prices of industrial products in the Eurozone and the EU dropped in April for the fourth month. This was primarily due to lower energy prices. Prices in Croatia also fell on a monthly basis, data from the European Statistical Office showed on Monday. In the Eurozone, producer prices of industrial products were 3.2 percent lower in April than in March. Back then, they fell by a revised 1.3 percent, Eurostat tables show.
In the EU, as Index writes, prices dropped by 2.9 percent, after a 1.3 percent drop in March, according to revised data. Prices decreased the most in the energy sector, 10.1 percent in the Eurozone and 8.9 percent in the EU. The prices of intermediate goods also fell by 0.6 percent in both areas. In other product categories, prices rose slightly on a monthly basis. Capital goods increased in price the most, by 0.4 percent in both areas.
With the energy sector excluded, producer prices in industry slipped by 0.1 percent in the Eurozone and by 0.2 percent in the EU compared to March. Back then, they increased by the same percentage, Eurostat tables show.
prices in Croatia similar to Poland and Finland
According to Eurostat data, Belgium recorded the steepest monthly drop in producer prices of industrial products, 9.1 percent. Italy and Ireland followed, with prices decreasing by 6.5 and 6.3 percent, respectively. Producer prices in Croatia decreased by 1.8 percent in April compared to a 0.5 percent increase in March.
Poland and Finland were the closest to Croatia, with prices falling by 1.7 and 1.9 percent, respectively. The mildest price growth was recorded by Germany and Denmark, by 0.3 and 0.2 percent respectively. Moreover, according to the report, Greece, Cyprus, Malta and Slovenia recorded 0.1 percent each. Eurostat only missed data for Austria and Romania.
decreasing energy prices in croatia
Annually, producer prices of industrial products in April increased one percent in the Eurozone and 2.3 percent in the EU. In March, according to revised data, they rose 5.5 percent in the Eurozone and 6.7 percent in the EU. A price drop was recorded only in the energy sector, 8.9 percent in the Eurozone and 5.6 percent in the EU. This was after stagnation in the Eurozone and a 2.4 percent price increase in the EU in March.
In other product categories, prices rose on an annual level. Non-durable consumer goods saw the highest increase, by 10.9 percent in the Eurozone and 11.3 percent in the EU. In other product categories, they increased at single-digit rates. With the energy sector excluded, producer prices of industrial products were 5.1 percent higher in the Eurozone than last April. In the EU, they were 5.3 percent higher.
Increase in Hungary
The prices of industrial products rose in April at the annual level, the strongest in Hungary, by 41.7 percent. Latvia and Slovakia follow, with price growth of 22.7 and 18.2 percent, respectively. In Croatia, producer prices of industrial products were 9.1 percent higher in April than in the same month last year. In March, they were 14 percent higher. Luxembourg recorded the same percentage growth in April.
Ireland had the biggest drop in prices compared to last year’s April, by 21.4 percent. Greece and Belgium follow, with prices lower by 13.1 and 6.8 percent, respectively.
