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Euro zone: producer prices rise at a record rate of 23.7 percent

Thursday, 01/06/2022 11:05 AM from

dpa-AFX

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LUXEMBOURG (dpa-AFX) – In the euro zone, the increase in producer prices accelerated faster than expected in November. The prices that manufacturers receive for their goods rose by 23.7 percent compared to the same month last year, as the Eurostat statistics office announced in Luxembourg on Thursday. This is the highest rate since the introduction of the euro in 1999. Analysts had expected an average increase of 23.2 percent. In October the rate was 21.9 percent. That was the highest level so far.

Compared to the previous month, producer prices also increased more strongly than expected. They rose by 1.8 percent, while analysts had only expected 1.5 percent.

Once again, the price of energy rose particularly sharply, and was 66.0 percent more expensive than a year earlier. Without energy, total producer prices rose by 9.8 percent. The prices for intermediate goods also rose significantly by 18.3 percent. This is where the numerous problems in the international supply chains become noticeable. They are predominantly a consequence of the corona pandemic.

The producer prices measure the price pressure at the producer level by capturing the selling prices of the companies. The development flows partly into the consumer prices, on which the European Central Bank (ECB) bases its monetary policy.

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