While EU industrial producer prices rose by only 1.5 per cent month-on-month in June, they were up 3.7 per cent in July. This is the highest price increase in industry since March this year, when the producer price index rose by 5.4 percent month-on-month.
Energy price increase
Most of the acceleration in inflation at the level of industrial producer prices was attributable to energy prices. Their prices rose by more than eight percent month-on-month in July. If we exclude their effect, prices in industry would have increased by only 0.6 per cent month-on-month. This is according to the latest Eurostat data.
The largest ever month-on-month jump in industrial producer prices was in Ireland, up 26.1 per cent. Compared to June, price growth there has doubled. By contrast, in Portugal, industrial prices fell month-on-month, by 1.5 percent.
Industrial prices in the EU
In year-on-year terms, industrial prices in the EU rose by almost 38 percent in July, 1.5 percentage points higher than in June. Excluding the effect of energy prices, however, annual inflation in industry fell by half a percentage point to 15.7%. Industrial prices rose fastest in Romania (67.4) and slowest in Malta (9.2).
