Industrial producer prices in the European Union and euro area fell in November 2022 for the second month in a row, reflecting price decreases in the energy sector, according to data from the EU statistical office Eurostat.

Monthly comparison

Industrial producer prices in the EU and euro area fell by 0.9% in November 2022 compared with October 2022, when they had declined by a revised 2.6% in the EU and by 3.0% in the euro area.

Energy prices decreased for the second consecutive month, albeit less than in October.

In the EU, industrial producer prices in November 2022 fell by 1.9% from October 2022, when they had decreased by 6.9%, while in the euro area they declined by 2.2% from October, when they had contracted by 7.4%. Prices of intermediate goods fell by 0.4% in both regions, following a 0.2% rise in the previous month.

Producer prices went up in all other main industrial groupings, albeit at a lower rate than in the previous months.

Prices of non-durable consumer goods increased the most, by 0.6% both in the EU and in the euro area. Prices in total industry excluding energy rose by 0.1% from October, when they had increased by 0.5%.

Annual comparison

In November 2022 compared with November 2021, industrial producer prices increased b 27.4% in the EU and by 27.1% in the euro area, following a revised increase of 31.0% in October 2022.

In November 2022, energy prices increased the most, by around 56% in both regions. In October 2022, compared with October 2021, they went up by 66.3% in the EU and by 64.9% in the euro area.

In November 2022, prices of non-durable consumer goods rose by 17.1% in the EU and by 16.0% in the euro area, the same as in October. Prices of intermediate goods increased by about 15.5% in both regions. Prices of capital goods increased the least, by 7.7% in the EU and by 7.6% in the euro area.

Year on year, prices in total industry excluding energy went up by 13.6% in the EU and by 13.1% in the euro area.

Croatia alongside Slovenia and Bulgaria

Nearly all EU member states recorded two-digit increases in industrial producer prices in November 2022 compared with November 2021, with the exception of Malta where they rose by 7.7%.

The highest annual increases were observed in Hungary (+63.5%), Latvia (+51.2%) and Romania (+44.8%), while the only decrease was recorded in Ireland (-13.0%).

In Croatia, industrial producer prices in November 2022 were 24.2% higher than in November 2021. In October 2022, they went up by 23.7% year on year.

Closest to Croatia were Slovenia and Romania, with annual price increases of 23.2% and 25.3% respectively.