Producer prices down across EU

In a sharp turnaround from the situation in July, producer prices fell across the Eurozone and wider EU in August, Eurostat announced yesterday. The index fell by 0.1 per cent across the 17 countries in the currency union in August, while they dropped 0.2 per cent across the 27-nation EU as a whole. Over the year, however, prices rose by 5.9 per cent in the Eurozone and 6.7 per cent in the wider EU. Energy prices were responsible for the largest turnaround, rising by 13.2 per cent over the 12-month period, but falling by 0.9 per cent in August alone. Greek producers saw the largest monthly fall, of 1.2 per cent, whilst Latvia experienced the largest rise in August, of 0.8 per cent.