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(CEP News) Frankfurt - Producer price inflation in the euro zone came in below expectations in October at 6.3% year-over-year, according to a press release issued by Eurostat on Tuesday. Economists had expected an inflation rate of 7.0% for the 12 months to November, down from September's 7.9% print.
Excluding the effects of energy prices, which had increased 15.8% year-over-year, producer price growth in the euro zone gained 3.2%. Intermediate goods prices rose 4.4% in the monetary union, while both durable and non-durable goods rose 2.7% over the same period. On a monthly basis, the producer price index contracted 0.8% in October, overshadowing the 0.3% decline expected and deepening the previous month's 0.3% fall. Meanwhile, September's figure was revised down from an initial estimate of -0.2%. Excluding the effects of energy costs, which contracted 2.0% month-over-month, the decline in the PPI was a more modest 0.2%, Eurostat reported. Durable goods rose 0.3% from September to October, while non-durable goods contracted 0.1%. Intermediate goods also lost ground, falling 1.0% over the same period. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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