Eurozone producer prices rise 1.5 percent in January

08:15, March 03, 2011      

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Industrial producer prices in the eurozone rose by 1.5 percent in January compared with the previous month, the European Union's statistics bureau Eurostat said Wednesday.

Compared with January 2010, industrial producer prices in the 17-member bloc that uses the euro gained 6.1 percent.

In January, prices in the energy sector were up 3.2 percent from December, while prices in total industry excluding the energy sector increased 0.8 percent.

Both durable consumer goods and capital goods rose 0.2 percent, while non-durable consumer goods and intermediate goods jumped 0.4 and 1.5 percent respectively.

In the 27-nation EU, industrial producer prices grew 1.4 percent month on month in January and 6.5 percent year on year.

Among the member states for which data were available, the largest monthly increase in the total index was recorded in Spain, up by 2.4 percent. The sharpest decrease was observed in Sweden, down by 1.3 percent.

Industrial producer prices are a key indicator of inflation. According to Eurostat, annual inflation in the eurozone hit 2.3 percent in January and rose to 2.4 percent in February this year, further above the target preferred by the European Central Bank to maintain price stability.

Source: Xinhua
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