In November 2020, industrial producer prices rose by 0.4pct in both the euro area and the EU, compared with October 2020, with Denmark, France, Estonia and Romania reporting the higher growths among the 27 EU MS, according to estimates from Eurostat, the statistical office of the European Union, as reported by AGERPRES.
In October 2020, prices increased by 0.4pct in the euro area and by 0.3pct in the EU, compared with September.
The highest increases in industrial producer prices were recorded in Denmark and France (both +1.7pct), Estonia (+1.2%) and Romania (+1.1pct), while the largest decreases were observed in Ireland (-1.4pct), Slovakia (-0.7pct) and the Czech Republic (-0.5pct).
Producer prices are an important factor influencing inflation, which the European Central Bank wants to keep below, but close to 2pct, in the medium term. Any change in prices at factory gates has an impact on final costs for consumers.
In November 2020, compared with November 2019, industrial producer prices decreased by 1.9pct in the euro area and by 1.8pct in the EU.
The only annual increases in industrial production prices were reported in Malta (1.8pct), Hungary and Slovenia (both by 1.1pct), and the most significant decline in Lithuania (minus 7.3pct), Greece (minus 6.8pct) and Cyprus (minus 6.1pct).
Romania reported an annual decline of 0.5pct in November, compared to a decline of 1.3pct in October.