Eurozone producer prices increased at a faster pace in May driven by a surge in energy cost, data from Eurostat showed on Friday.
Industrial producer prices were up 9.6 percent year-on-year, following a 7.6 percent rise in April. Economists had forecast an annual increase of 9.5 percent.
Excluding energy, producer price inflation advanced to 4.9 percent from 3.6 percent in the previous month.
Energy prices grew sharply by 25.1 percent annually in May. Intermediate goods prices rose 9.2 percent and capital goods prices were up 1.8 percent. Durable consumer goods and non-durable consumer goods prices moved up 2 percent and 1.9 percent, respectively.
On a monthly basis, producer prices climbed 1.3 percent, faster than April’s 0.9 percent rise and economists’ forecast of 1.2 percent.
Producer prices in the EU27 increased 1.4 percent on month in May, taking the annual growth to 9.6 percent.
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