Eurozone Producer Prices More Than 37 Percent Higher on an Annual Basis
Prices charged by European manufacturers for their products rose by more than 37 percent in April compared to a year earlier. This is reported by the European statistical office Eurostat.
Industrial companies are raising sales prices because of supply chain problems and increased energy and raw material costs.
Compared to a year ago, prices in the energy sector doubled. But other products such as semi-finished products, white goods and cars also rose in price considerably.
Companies compensate for the higher costs of energy, raw materials and also personnel by passing them on in the sales price. That drives inflation again. Inflation in the eurozone rose to a new record high of 8.1 percent year-on-year in May.
Compared to a month earlier, industrial producer prices in the euro area rose by 1.2 percent in April. That is less strong than in March when it was a plus of 5.3 percent.