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Eurozone producer prices fall in July
September 03, 2015
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BRUSSELS: Eurozone industrial producer prices dropped as expected in July both on a monthly and on a yearly basis, data showed on Wednesday, as the increased cost of consumer goods was offset by declining energy prices.

The European Union’s statistics office Eurostat said prices at factory gates in the 19 countries sharing the euro decreased 2.1 per cent year-on-year in July, and declined slightly by 0.1 per cent compared to June.

The data matched the forecasts of a Reuters poll.

Energy prices decreased by 0.5 per cent month-on-month and were 6.5 per cent lower than a year earlier. Prices of durable consumer goods used by factories increased 0.1 per cent on a monthly basis and 0.9 per cent year-on-year. Excluding volatile energy prices, producer prices remained stable month-on-month in July and were 0.4 per cent lower than a year earlier.

Prices charged by industrial producers are an early indication of consumer inflation trends, because increases translate into prices charged in shops, unless retailers or other intermediaries absorb rises through smaller profit margins to compete for customers.

The European Central Bank wants to keep inflation below, but close to 2 per cent in annual terms over the medium term and is buying eurozone government bonds to inject more cash into the economy and accelerate price growth.

Meanwhile Spain registered jobless rises 0.54 per cent in August. The number of Spaniards registered as jobless rose by 0.54 per cent in August from a month earlier, or by 21,679 people, leaving 4.07 million people out of work, data from the Labour Ministry showed on Wednesday.

Agencies

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