Industrial prices rose in august in the euro area at an even faster pace than in July. Energy, whose prices are almost a third higher than a year ago, accounted for the largest increase year-on-year. This is based on current Eurostat data.
Industrial prices in the euro area rose by 13.4 percent year-on-year in August. This is a percentage point higher than in July. Energy (32 percent) and intermediates (14.2 percent) were the most expensive. If we excluded energy, industrial price increases would reach 7.4 percent year-on-year. Similar increases in the prices of industrial products have occurred throughout the European Union.
From a month-to-month perspective, however, the situation is a little more favorable. Industrial prices rose just 1.1 percent in August from July, the lowest growth since April. Back then, they added less than a percent. July’s monthly rise in industrial prices, on the other hand, was 2.5 percent.
But if we look at the long-term development of prices in industry, they were only less than 15 percent higher in the eurozone this August than in 2015. This is largely due to the fact that last year, following the coronavirus pandemic, there was a significant fall in industrial prices, and the discounting also occurred during spring 2016.
