Decrease in Production Prices in the EU in February - Biggest Drop in Bulgaria
Producer prices in the EU fell in February for the second month in a row since the beginning of the year, with the biggest drop on a monthly basis recorded by producer prices in Bulgaria, according to data from European official statistics. Meanwhile, annualized manufacturing inflation continued to ease in February from peaks reached in August 2022.
EU producer prices fell 0.6% in February from January, when they fell 2.3%, and within the Eurozone fell 0.5% after falling 2.8% in the first month of 2023.
The largest drop of 7.9% on a monthly basis marked the production prices in Bulgaria in February, reports Eurostat, followed by Greece (decrease by 3.3%) and Belgium (by 3.2%), while the strongest growth was observed in Slovakia (up 11.5%), Slovenia (up 2.7%) and Portugal (up 2.5%).
The decrease in European producer prices is mainly due to the continued decrease in energy prices (by 1.6% in the euro area and by 2.1% within the EU as a whole).
Compared to February 2022, the producer price index (PPI) in the EU and in particular in the euro area rose by 13.2% and 14.5% respectively to the lowest levels since mid-2021, as annual manufacturing inflation weakened for another month from the record levels reached last August of over 40 percent.
The slowdown in annual output inflation in Europe in February was due to the continued weakening of energy price growth to 17.4% in the euro area and to 20.1% in the EU.
In Bulgaria, producer prices rose by 9.7% in February compared to the same month in 2022, with Eurostat reporting lower annual producer inflation in six other EU member states.
Graphs of producer prices in the EU and the Eurozone with and without energy prices
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