Croatia Among EU Countries with Highest Producer Price Growth in July

Producer prices of industrial products in the eurozone and EU fell in July, marking the seventh consecutive month of decline, while Croatia maintained its position among the countries with the strongest growth, according to data released by Eurostat on Tuesday.

In the eurozone and EU, producer prices of industrial products decreased by 0.5% and 0.6% respectively in July compared to June, when they were reduced by 0.4% in both areas, calculated Eurostat.

The largest decline in producer prices in both the EU and the eurozone was recorded for intermediate goods, down by 1.2%. This was followed by the energy sector, where prices slid by 0.9% in the eurozone and by 1% in the EU. Producer prices of non-durable consumer goods remained almost unchanged, while prices of capital goods slightly increased.

Excluding the energy sector, producer prices in the industry fell by 0.4% in both the eurozone and the EU.

Croatia Alongside Slovakia

The most pronounced monthly decline in producer prices of industrial products in July was recorded by Ireland, down by 8.1%. This was followed by the Netherlands and Sweden, where prices decreased by 2.1% and 1.8% respectively.

The highest growth in producer prices of industrial products was recorded in Latvia, up by 2.2%. Following Latvia were Slovakia and Croatia, where prices were 1.7% and 1.3% higher than in June, Eurostat reports. The price increase in Croatia in July followed the same percentage increase in June.

Sharper Decline in Energy Prices

On an annual basis, producer prices of industrial products in July fell by 7.6% in the eurozone and by 6.6% in the EU.

In June, they decreased by 3.4% in the eurozone and by 2.4% in the Union. The largest price drop was recorded in the energy sector, down by 24.2% in the eurozone and by 21.5% in the EU. In June, prices had fallen by 16.4% and 14% respectively.

Producer prices in the intermediate goods sector also significantly decreased, by 4% in the eurozone and by 3.9% in the EU. Conversely, prices in the non-durable consumer goods sector rose the most, by 7.6% in both areas. Excluding the energy sector, producer prices of industrial products were 1.6% higher in the eurozone and EU than in July of the previous year.

More Expensive Eight

In July and on an annual basis, the largest decline in industrial product prices was recorded in Ireland, down by 39.5%. This was followed by Bulgaria and Italy with declines of 18.1% and 13.8% respectively. Conversely, the largest increase was again in Hungary, up by 18.8%. Slovakia followed with a 17.8% increase and Slovenia where prices rose by 6.8%.

In Croatia, producer prices of industrial products in July were 3.6% higher than in the same month last year. In June, they increased by 4.2%. Only eight countries recorded price increases on an annual basis, according to Eurostat’s report.