The euro-zone producer price index (PPI) fell 1.6% in March from February, according to estimates published this Thursday (4) by Eurostat, the European Union’s statistical office. As a result, annual producer inflation in the common currency area slowed to 5.9% in March, from 13.3% in February.
The Refinitiv consensus was expecting slightly higher m/m deflation (-1.7%) and annualized inflation in line with today’s estimate (5.9%).
In the European Union bloc as a whole, PPI fell 1.6%m/m in March, slowing to 7.0% on an annual basis in March from 14.5% in February.
Energy prices fell by 4.8% in March in the euro zone compared to February. Compared to March 2022, there was an increase of 0.7%, but this represented a sharp slowdown compared to February, when these prices were 17.6% higher.
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