Eurozone PPI rallied sharply month-on-month in July, with energy being the main driver of price increases

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智通财经2026/09/03 11:31

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According to data released by Eurostat, the Eurozone's Producer Price Index (PPI) for industrial products rose by 1.6% month-on-month in July, compared to a 0.3% decline in June, surpassing market expectations; the year-on-year increase reached 5.8%, up from 4.6% previously. Across the EU as a whole, the PPI rose by 1.4% month-on-month and 5.6% year-on-year in July.
The energy category was the main driver behind the PPI surge, with energy prices soaring 5.6% month-on-month and skyrocketing 12.9% year-on-year in July. Excluding energy, industrial producer prices remained flat month-on-month and showed a slight year-on-year increase to 3.1%.
Breaking down by categories, the monthly price of intermediate goods remained stable, with annual inflation staying at a high level of 6.3%; capital goods rose 0.3% month-on-month and 2.6% year-on-year; prices for durable consumer goods were stable during the month, while non-durable consumer goods continued to edge down slightly.
There was significant divergence among countries: Ireland led the Eurozone with a 4.3% month-on-month increase, while Spain and Italy both rose 3.0% month-on-month, and Germany and France both recorded a 1.1% month-on-month rise; Estonia, Finland, and Sweden saw month-on-month declines.
The data indicates that this round of monthly PPI surge was mainly driven by energy prices, but excluding energy and intermediate goods, year-on-year cost pressures remain elevated. Upstream cost stickiness has not fully dissipated and may constrain the European Central Bank's policy decisions.

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Eurozone PPI rallied sharply month-on-month in July, with energy being the main driver of price increases

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