Excluding the energy sector, industrial producer prices rose by only 13.1 percent.
(Photo: imago images/agefotostock)
Berlin, Brussels Manufacturers in the euro zone are no longer turning the screw on prices quite so vigorously, signaling that the wave of inflation is dying down. Producer prices in industry rose by 27.1 percent in November compared to the same month last year, according to the statistics office Eurostat on Thursday.
Economists polled by Reuters had expected a slightly stronger increase of 27.5 percent. In October the increase was still 30.5 percent and in September it was 41.9 percent.
In the energy sector there was an increase of 55.7 percent in November compared to the same month last year, after an increase of 64.9 percent in October. Excluding the energy sector, industrial producer prices rose by only 13.1 percent.
In October, this figure was 14.0 percent. In the statistics, the prices are listed from the factory gate – i.e. before the products are further processed or sold. You can thus give an early indication of the development of consumer prices.
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Inflation in the euro area fell in November for the first time since mid-2021 – to 10.1 percent. Experts polled by the Reuters news agency expect the consumer price data for December due on Friday to fall to 9.7 percent.
The European Central Bank (ECB) took its foot off the gas a bit in December and, after two jumbo rate hikes of 0.75 percentage points each, raised key interest rates by 0.50 percentage points.
>> Read here: All the latest news about the energy crisis in Newsblog
ECB President Christine Lagarde held out the prospect of further interest rate hikes and signaled that the rate of hikes by half a percentage point would probably be maintained at the next meetings.
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