(MENAFN) Eurozone industrial producer prices fell moderately in May, marking the smallest contraction in 11 months, according to data released by Eurostat on Wednesday. Producer prices fell 4.2% year-on-year, continuing a downward trend that has continued for the past 13 months.
Energy costs, a key component of producer prices, fell 11.4% from a year earlier, the smallest decline since April of last year.
Across the European Union, industrial producer prices fell 4% year-on-year in May. On a monthly basis, both the euro area and the EU-27 saw industrial producer prices fall 0.3% in May.
The distinction between the euro area (EA19), made up of countries that use the euro currency, and the EU27, which includes all member states of the European Union, highlights the differences in economic trends within the region.
The slowing pace of decline in industrial producer prices suggests that manufacturing is stabilizing somewhat amid continuing challenges and volatility in energy costs. The data reflects the overall economic situation in Europe, which is influenced by global market developments and domestic economic policies aimed at maintaining industrial competitiveness and economic recovery.
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