Highlights

  • Industrial producer prices fell in April 2023 but showed yearly growth.
  • Energy sector experienced a significant decrease, while consumer goods saw modest increases.
  • Prices varied across countries, with Hungary, Latvia, and Slovakia seeing the highest increases.

Overview

According to the latest estimates from Eurostat, the statistical office of the European Union, industrial producer prices in the euro area and the EU experienced a decline in April 2023 compared to the previous month. However, when compared to April 2022, prices showed a notable increase.

Industrial Prices Decline: April 2023

In April 2023, industrial producer prices fell by 3.2% in the euro area and by 2.9% in the EU, in comparison to March 2023. This decline follows a decrease of 1.3% in both the euro area and the EU in the previous month. Despite the monthly decline, when examining the year-on-year comparison, industrial producer prices rose by 1.0% in the euro area and by 2.3% in the EU, when compared to April 2022.

Energy Plummets, Goods Rise: EU Analysis

Breaking down the data for the EU, the energy sector experienced a significant decrease of 8.9% in industrial producer prices, while intermediate goods decreased by 0.6%. On the other hand, durable consumer goods saw a modest increase of 0.1%, while both capital goods and non-durable consumer goods experienced a rise of 0.4%. Prices in the overall industry, excluding energy, showed a slight decrease of 0.2%.

Mixed Price Shifts: Country Comparison

Belgium, Italy, and Ireland had the largest decreases in industrial producer prices. Belgium declined by 9.1%, Italy by 6.5%, and Ireland by 6.3%. On the other hand, Germany and Denmark saw slight increases of 0.3% and 0.2%, respectively. Greece, Cyprus, Malta, and Slovenia all had a 0.1% rise in prices.

Strong Yearly Growth: Industrial Prices

When considering the yearly comparison, industrial producer prices in the euro area for April 2023, compared to April 2022, increased by 10.9% for non-durable consumer goods, 7.3% for durable consumer goods, 6.1% for capital goods, and 1.3% for intermediate goods. However, prices in the energy sector decreased by 8.9%. Prices in total industry, excluding energy, showed a growth of 5.1%. In the EU, industrial producer prices rose by 11.3% for non-durable consumer goods, 7.0% for durable consumer goods, 6.1% for capital goods, and 1.5% for intermediate goods. Energy sector prices decreased by 5.6%, while prices in total industry, excluding energy, increased by 5.3%.

Diverse Price Movements: Top Gains and Losses

The highest yearly increases in industrial producer prices were observed in Hungary (+41.7%), Latvia (+22.7%), and Slovakia (+18.2%). Conversely, the largest decreases were recorded in Ireland (-21.4%), Greece (-13.1%), and Belgium (-6.8%).

Summary:  April Price Decline, Yearly Growth

Industrial producer prices declined in April 2023 compared to the previous month. However, they showed positive yearly growth. There were price fluctuations in various sectors and countries. They revealed the dynamic nature of the industrial sector and its response to market conditions.

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