Producer prices in the eurozone in July fell at the fastest pace in 14 years

In July of this year, producer prices in the eurozone decreased by 7.6% compared to July last year.

Thus, the indicator decreased for the third month in a row, and at the highest pace since 2009. Analysts also expected a decrease of 7.6%.

Such a sharp decrease in prices is due to a high comparison base due to a significant increase in energy prices last year. In July of this year, energy prices fell by 24.2% compared to last year.

In particular, the cost of means of production increased by 4.7%, and prices for consumer goods of durable and non-durable use increased by 5.1% and 7.6%, respectively.

It is also noted that on a monthly basis, producer prices in the eurozone decreased by 0.5%. This indicator has been falling for the seventh month in a row.