Eurozone wholesale inflation is on a downward trajectory, with Greece posting the largest monthly decline and the second largest annual decline.
In particular, the producer price index (PPI) fell in March by 1.6% from February, slightly less than analysts’ average forecast for a monthly decline of 1.7%. It is noted that last month the index showed a decline of 0.4%.
Thus, the producer price index slowed in March to 5.9% year-on-year, as expected by the market, from 13.3% in February.
At the European Union level, producer prices fell by 1.5% monthly, slowing to an annual rate of 7%.
The reduction in energy prices
It is worth noting that the decrease in wholesale inflation led to the drop in energy prices, by -4.8%, while the prices of intermediate goods decreased by 0.4% and capital goods by 0.2%. Consumer durables saw a price decrease of 0.3% and non-durables by 0.9%.
However, excluding energy prices, producer prices showed a slight increase of 0.2%.
The largest monthly decline was seen in Greece which saw its producer price index fall by 7.3%, followed by Ireland with -4.6% and Lithuania with -4%.
In contrast, Cyprus saw a monthly acceleration of 2.4%, in France the index increased by 2% and in Croatia by 0.5%.
On an annual basis, the biggest decrease was in Ireland with -29.9%, while Greece followed with -10.8%, Portugal with -3.9% and Spain with -1%.
On the contrary, Hungary saw the index jump by 48.1% year on year, in Slovakia it increased to 32.9% and in Latvia to 27%.
Latest News
Cocktail of Dust and Heat Brings Stifling Sunday Weather
Meteorologists expect the conditions to persist until at least Wednesday
Greek Hotels Vindicated by Commission’s Ruling on Booking.com
The Commission has ruled that Booking is a "gatekeeper" and must comply with the Digital Marketing Act, addressing complaints by the European Hotel Industry and Hellenic Chamber of Hotels
Which Islands Will Have Italians Flocking to Greece this Summer?
Well-known Italian travel magazine details reasons why Skopelos, Naxos and Astypalaia are the go-to summer destinations for Italians
Antentokounmpo 5th Highest Paid Athlete in World
The basketball player rakes in 111 million dollars per year, between his salary at the Bucks and endorsements from big brands like Amazon, Nike and Pepsi
Greek FM Gerapetritis: Need to Immediately End Gaza Hostilities
Gerapetritis added that a humanitarian crisis was transpiring in Gaza, with the concerns now being spillover in the wider Middle East.
ETC Report: Greece 3rd Most Popular Destination for Europeans
Italy and Spain are tied as the top destinations, each attracting 8% of travelers
Greece Battles EC to Protect Rice Industry and Public Health
Together with several other EU countries, Greece successfully blocked the European Commission's proposal to increase allowable levels of a banned pesticide commonly found in rice imported from southeast Asia
Eurostat: 3.2% Annual Inflation in Greece in April
The data shows that Greece ranks seventh in overall inflation within the eurozone and second in food inflation
Intrum’s 2024 Report Unveils Greek Businesses Embrace Digitalization for Growth
Looking ahead, over 40% of businesses prioritize development for 2024, with 65% recognizing the potential of digital business models as sustainable investments
IOBE: Mild Drop in April Business Confidence Index (BCI) in Greece
The positive balance of expectations for employment witnessed a marginal decline, while the index for production forecasts also recorded a mild drop