Eurozone PPI fell -0.6% mom in May, in line with market expectations, as falling energy costs drove the decline. On an annual basis, PPI decelerated from 0.7% to 0.3% yoy. Energy prices dropped -2.1% mom on the month, while prices for intermediate goods slipped -0.1% mom. In contrast, prices for durable and non-durable consumer goods rose 0.3% mom and 0.2% respectively mom. Excluding energy, producer prices still edged up 0.1% mom.
Across the EU as a whole, PPI also fell -0.6% mom and eased to 0.4% yoy. Among member states, Bulgaria saw the sharpest monthly drop at -3.7%, followed by Greece (-1.9%) and Finland (-1.8%). A handful of countries including Cyprus (+1.0%) and Latvia (+0.1%) registered modest price gains.
