Eurozone PPI rose 0.2% mom in May, matching market expectations, while annual producer inflation accelerated from 5.0% yoy to 5.9% yoy, slightly above the 5.7% yoy consensus. The data suggest producer price pressures remained elevated even as monthly price growth moderated from April’s 0.7% increase.
The monthly increase reflected diverging trends across sectors. Prices for intermediate goods rose 1.4% mom, providing the strongest upward contribution, while capital goods and durable consumer goods increased 0.2% mom and 0.3% mom, respectively. These gains were partly offset by a -1.0% mom decline in energy prices and a -0.1% mom fall in non-durable consumer goods. Excluding energy, industrial producer prices rose a solid 0.7% mom, pointing to continued underlying pipeline inflation.
Across the broader EU, producer prices also increased 0.2% mom and 5.7% yoy. Cyprus, Ireland and the Netherlands recorded the largest monthly increases, while Croatia, Hungary and Italy posted the biggest declines. On an annual basis, Bulgaria, Romania and Lithuania saw the strongest producer price growth, with Luxembourg the only member state to record a year-on-year decline.
Eurozone Producer Price Index (PPI) — May 2026
| Indicator | Previous | Latest | Expectation |
|---|---|---|---|
| PPI (MoM) | 0.7% | 0.2% | 0.2% |
| PPI (YoY) | 5.0% | 5.9% | 5.7% |
Eurozone PPI Breakdown (Month-on-Month)
| Category | Monthly Change |
|---|---|
| Intermediate Goods | 1.4% |
| Capital Goods | 0.2% |
| Durable Consumer Goods | 0.3% |
| Non-durable Consumer Goods | -0.1% |
| Energy | -1.0% |
| PPI Excluding Energy | 0.7% |
Eurozone PPI Breakdown (Year-on-Year)
| Category | Annual Change |
|---|---|
| Energy | 14.0% |
| Intermediate Goods | 5.5% |
| Durable Consumer Goods | 2.8% |
| PPI Excluding Energy | 2.8% |
| Capital Goods | 2.2% |
| Non-durable Consumer Goods | -0.5% |
EU Member States
| Largest Monthly Increases | MoM | Largest Monthly Declines | MoM |
|---|---|---|---|
| Cyprus | 3.6% | Croatia | -2.1% |
| Ireland | 2.8% | Hungary | -1.3% |
| Netherlands | 1.9% | Italy | -0.5% |
| Highest Annual Increases | YoY | Annual Decline | YoY |
|---|---|---|---|
| Bulgaria | 19.3% | Luxembourg | -3.2% |
| Romania | 13.5% | ||
| Lithuania | 12.3% |
