April 02, 2020
The latest report published by Eurostat, the statistical office of the European Union stated “In February 2020, – the month before COVID-19 containment measures began to be widely introduced by Member States –, industrial producer prices decreased by 0.6% in both the euro area and the EU, compared with January 2020.” However, in January 2020, prices rose 0.2% in the euro area and EU.
Year over year industrial producer prices in February 2020, compared with February 2019 fell by 1.3% in the euro area and by 1.0% in the EU.
Monthly comparison by main industrial grouping and by Member State
In the euro area, the industrial producer prices in February 2020, relative to January 2020, declined by 2.3% in the energy sector and by 0.2% for intermediate goods, while prices increased by 0.1% for capital goods and by 0.2% for durable consumer goods and for non-durable consumer goods. Moreover, prices in total industry less energy remained constant.
“In the EU, industrial producer prices decreased by 2.4% in the energy sector and by 0.2% for intermediate goods, while prices rose by 0.1% for capital goods and for non-durable consumer goods and by 0.3% for durable consumer goods. Prices in total industry excluding energy remained stable.”
Furthermore, Slovakia (+2.2%), Ireland and Cyprus (both +0.2%) recorded the largest increases in industrial producer prices while the largest decreases were observed in Denmark (-2.2%), Spain and Portugal (both -1.3%).
Annual comparison by main industrial grouping and by Member State
In the euro area, the industrial producer prices in February 2020 fell by 6.5% in the energy sector, and by 1.2% for intermediate goods, while prices rose by 1.2% for capital goods, by 1.4% for durable consumer goods and by 2.4% for non-durable consumer goods when compared with February 2019. Meanwhile, prices in total industry excluding energy climbed by 0.5%.
“In the EU, industrial producer prices decreased by 5.9% in the energy sector and by 1.2% for intermediate goods, while prices rose by 1.2% for capital goods, by 1.5% for durable consumer goods and by 2.7% for non-durable consumer goods.” Whereby, prices in total industry excluding energy climbed by 0.6%.
Notably, Denmark (-5.7%), Estonia (-4.7%) and Italy (-3.8%), observed the largest decreases in industrial producer prices while the highest increases were recorded in Romania (+3.4%), Hungary (+3.3%) and Bulgaria (+3.0%).
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