Producer price deflation in euro area shows slumping production

Eurozone industrial producer prices edged down compared to April, though they were up on May last year. Eurostat data shows a 0.5 per cent fall in the producer price index this month for the Eurozone, with a 0.7 per cent fall for the entire EU. In April prices had inched up 0.1 per cent in the Eurozone and stayed completely flat in the EU as a whole. The biggest falls were in the UK, Denmark, Greece and France, while Cyprus registered a 2.1 per cent rise.