May 05, 2020
The latest report published by Eurostat, the statistical office of the European Union stated that “in March 2020, the month when COVID-19 containment measures began to be widely introduced by Member States, industrial producer prices fell by 1.5% in the euro area and by 1.4% in the EU, compared with February 2020.” However, in February 2020, prices fell 0.7% in the euro area and EU.
Year over year industrial producer prices in March 2020, compared with March 2019 fell by 2.8% in the euro area and by 2.5% in the EU.
Monthly comparison by main industrial grouping and by Member State
In the euro area, the industrial producer prices in March 2020, relative to February 2020, declined by 5.5% in the energy sector and by 0.5% for intermediate goods, while prices increased by 0.1% for durable consumer goods and remained constant for capital goods and non-durable consumer goods. Moreover, prices in total industry less energy decreased 0.2%.
“In the EU, industrial producer prices decreased by 5.5% in the energy sector and by 0.4% for intermediate goods, remained stable for capital goods, while prices rose by 0.1% for durable and non-durable consumer goods. Prices in total industry excluding energy fell by 0.1%.”
Furthermore, Greece (-5.3%), Lithuania (-5.1%) and Spain (-3.0%) recorded the largest declines in industrial producer prices while the only increases were observed in Cyprus (+0.5%), Latvia and Malta (both +0.2%).
Annual comparison by main industrial grouping and by Member State
In the euro area, the industrial producer prices in March 2020 fell by 11.3% in the energy sector, and by 1.8% for intermediate goods, while prices rose by 1.1% for capital goods. There was an increase of 1.3% for durable consumer goods, and a growth of 2.4% for non-durable consumer goods when compared with March 2019. Meanwhile, prices in total industry excluding energy climbed 0.2%.
“In the EU, industrial producer prices decreased by 10.7% in the energy sector and by 1.7% for intermediate goods, while prices rose by 1.1% for capital goods, by 1.4% for durable consumer goods and by 2.8% for non-durable consumer goods.” Whereby, prices in total industry excluding energy climbed by 0.4%.
Notably, Lithuania (-6.3%), Denmark (-6.2%) and Greece, observed the largest decreases in industrial producer prices while the highest increases were recorded in Cyprus (+4.4%), Slovakia (+2.2%) and Bulgaria (+1.8%).
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