In October 2022, industrial producer prices fell in the EU and the euro area for the first time since the outbreak of the COVID-19 pandemic, pressed by the decline in energy prices, according to a Eurostat report released on Friday.

Industrial producer prices in the EU fell by 2.5% compared with September 2022, when they had increased by 1.4%. In the euro area, they were down by 2.9% from the previous month, when they had risen by 1.6%.

Last time prices fell in both regions on a monthly basis was May 2020, the peak of the first wave of the COVID-19 pandemic.

Monthly comparison

Compared with September 2022, industrial producer prices declined in the energy sector, by 6.6% in the EU and by 6.9% in the euro area, while increasing in all other sectors.

Prices of non-durable consumer goods increased by slightly over 1% in both the EU and the euro area, prices of intermediate goods and capital goods went up by around 0.3% in both regions, and prices of durable consumer goods rose by 0.5% in both the EU and the euro area.

Prices in total industry excluding energy increased by 0.5% in both the EU and the euro area, similarly to the previous month.

The largest monthly decreases were recorded in Ireland (-32.5%), Bulgaria (-8.8%) and Denmark (-5.5%), while the highest increases were observed in Greece (+9.6%), Hungary (+6.2%) and Belgium (+2.8%).

in Croatia, industrial producer prices increased by 1.0% from September 2022, when they had jumped by 3.0%. Closest to Croatia was Poland, with a monthly price rise of 0.9%.

Annual comparison

Compared with October 2021, industrial producer prices increased by 31.2% in the EU and by 30.8% in the euro area, the smallest increases since the start of the year. In September 2022, compared with September 2021, they were up by 41.4% in the EU and by 41.9% in the euro area.

In October 2022, compared with October 2021, prices of energy rose by 67.0% in the EU and by 65.8% in the euro area. Prices of intermediate goods increased by 17.6% in the EU and by 17.4% in the euro area. Prices of non-durable consumer goods went up by 17.1% in the EU and by 16.0% in the euro area. Prices of durable consumer goods rose by around 10% in both regions, while prices of capital goods increased by 7.7% in the EU and by 7.5% in the euro area.

Prices in total industry excluding energy increased by 14.5% in the EU and by 14.0% in the euro area.

The highest annual increases in industrial producer prices were recorded in Hungary (+68.0%), Slovakia (+59.3%) and Latvia (+57.9%). The only decrease was observed in Ireland (-17.2%).

In Croatia, industrial consumer prices increased by 23.7% compared with October 2021, their smallest increase since February. In September they rose by 30.2%.

Closest to Croatia was the Czech Republic, with an annual increase of 24.1%.