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    Home » Euro Area Producer Prices Expanded 2.9% in December, Surging 26.2% YoY
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    Euro Area Producer Prices Expanded 2.9% in December, Surging 26.2% YoY

    February 3, 20221 Min Read
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    Eurozone producer prices expectedly grew at a record pace in December on the rising energy costs, signaling continued pressure on already record-high consumer inflation.

    • The EU’s statistics agency Eurostat stated that prices at factory games in the 19 countries bloc euro expanded 2.9% month-on-month in December for a 26.2% year-on-year increase.
    • The December readings were largely influenced by the rising prices of energy that rose 7.0% month-on-month and roared 73.4% YoY.
    • Excluding the volatile energy component, producer prices rose by only 0.5% on the month and 10% year-on-year.
    • The yearly average producer prices for 2021 increased by 12.2% for both in the euro area and the EU compared to 2020.
    • Producer prices usually translate into higher prices for consumers as manufacturers transfer their rising costs to the final consumers.

    Eurozone consumer inflation in January jumped to 5.1% year-on-year as the European Central Banks target to keep it at 2% over the medium term.

    Euro Stoxx 50 down -0.69%, EUR USD down -0.20%

    Source: Eurostat

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