Producer prices up in the euro area and the European Union: industrial producer prices in the euro area and the European Union rose by 0.8% compared to June 2024, according to preliminary estimates published by Eurostat, the statistical office of the European Union. In comparison, prices increased by 0.6% in both areas during June 2024. However, when comparing July 2024 with July 2023, we observed a decrease in industrial producer prices of 2.1% in the euro area and 1.9% in the European Union.
This discrepancy in the data between a monthly increase and a year-on-year decrease may reflect significant shifts in market dynamics, as prices remain subject to multiple influences that may include changes in demand and supply as well as global economic pressures. In July 2024, industrial producer prices in the euro area and the European Union rose by 0.8% compared to June 2024, according to preliminary estimates provided by Eurostat, the statistical office of the European Union.
While in June 2024 the increase was 0.6% in both the euro area and the EU. However, when comparing July 2024 with July 2023, industrial producer prices fell by 2.1% in the euro area and 1.9% in the EU.
Monthly changes by main industry group and Member State: In the euro area, compared to June 2024:
- Intermediate goods fell by 0.1%.
- Energy rose by 2.8%.
- Capital goods remained stable.
- Durable consumer goods fell by 0.1%.
- Non-durable consumer goods fell by 0.1%.
- Total industry excluding energy fell by 0.1%.
In the EU, compared to June 2024:
- Intermediate goods remained stable.
- Energy increased by 2.5%.
- Capital goods remained stable.
- Durable consumer goods decreased by 0.1%.
- Non-durable consumer goods remained stable.
- Total industry excluding energy decreased by 0.1%.
Changes by Member State
The highest monthly increases in industrial producer prices were recorded in: Bulgaria (+3.6%), Greece (+2.9%) and Romania (+2.7%), while the highest declines were recorded in: Sweden (-0.9%), Finland (-0.7%) and Austria (-0.2%). These data may reflect the divergent changes in producer prices across Member States and industry groups, indicating mixed effects at the economic level in the euro area and the EU.
Year-on-year comparison of industrial producer prices in the euro area and the European Union: In July 2024, compared to July 2023, industrial producer prices in the euro area and the European Union saw varying changes by industrial group and member state.
In the euro area: Intermediate goods decreased by 1.2%. Energy recorded a significant decrease of 6.9%. Capital goods increased by 1.4%. Durable consumer goods increased by 0.3%. Non-durable consumer goods increased by 1.0%.
Total industry excluding energy increased by 0.2%.
In the European Union: Intermediate goods decreased by 1.2%. Energy decreased by 5.9%. Capital goods increased by 1.5%. Durable consumer goods increased by 0.2%. Non-durable consumer goods increased by 0.9%. Total industry excluding energy increased by 0.2%.
Variation across Member States: The largest annual declines in industrial producer prices were recorded in:
Slovakia (-18.9%), Luxembourg (-6.7%) and Latvia (-6.0%)
In contrast, the largest increases were recorded in: Ireland (+6.1%), Romania (+2.7%) and Portugal (+2.0%)
These data show that prices reflect significant variation by sector and country, with significant declines in some countries and increases in others. This variation highlights the diverse impacts on the economies of the euro area and EU Member States, and reflects the different challenges faced by each country.
Comparison of euro area and EU industrial producer price data updates
July 2024 data updates: The industrial producer price data for June 2024 were revised in the press release of 5 August 2024. The revisions showed an increase in the monthly percentages, with estimates rising from +0.5% to +0.6% in both the euro area and the EU. For the year-on-year change, the percentage decline in the euro area was revised from -3.2% to -3.3%, while the percentage decline in the EU remained unchanged at -3.1%.
Definitions and methods: Producer Price Index: The Producer Price Index measures changes in the selling prices of goods sold outside the factory in the domestic market, excluding imports..
Data coverage: The index covers the aggregate industry within NACE rev.2 divisions B to D+E36. Baseline adjustments: From January 2024, the base year for the data has been changed from 2015 to 2021, having been used as a reference since 2018.
The figures in the current data include changes not adjusted for calendar day or seasonally adjusted periods, reflecting actual price changes without adjustment. These revisions and updates reflect the exact adjustments made to the data, contributing to a more accurate picture of changes in producer prices across the euro area and the European Union.
European Statistical Code of Practice: An overview of its development and application: In 2005, the Statistical Program Committee (SPC) first adopted the European Statistical Code of Practice, a set of principles and standards aimed at improving the quality of statistics produced within the European Statistical System (ESS). Since then, this Code has been reviewed and updated twice by the European Statistical System Committee (ESSC) in 2011 and 2017
Key principles of the Code of Practice: The revised Code of Practice contains 16 key principles, covering various aspects of the institutional environment, statistical processes and statistical outputs.
