Industrial producer prices in the euro area and the EU dropped sharply in January 2023, reflecting a decrease in prices in the energy sector, and Croatia recorded a mild increase, according to data from the EU's statistical office Eurostat, published on Friday.

Industrial producer prices in the euro area in January 2023 were 2.8% down from December, when they rose by 1.1%. In the EU they dropped by 2.2%, after a 1.2% increase in December.

The price decrease in January was due to the energy sector, in which prices in the euro area dropped by 9.4% from December, and in the EU by 7.9%.

The other sectors increased their prices, with producers of durable consumer goods increasing them the most, by 1.6% in the euro area and 1.5% in the EU.

Excluding the energy sector, producer prices in the industrial sector were up by more than 1.1% in both the euro area and the EU, compared to December, when they stagnated.

The strongest drop in industrial producer prices was reported by Ireland, of 25.2%. It was followed by Sweden and Latvia, with decreases of 8% and 5.8% respectively.

In Croatia producer prices in January 2023 rose by 0.8% compared to December, when they went down by 2.6%.

The same increase was registered in January by the Netherlands.

Prices grew the least in Malta, by 0.1%, and the most in Slovakia, by 9%.

Prices of industrial products grew in January year-on-year in almost all EU members, and they increased the most in Hungary, by 64.6%.

Hungary is followed by Latvia and Slovakia, with increases of 38.8% and 34.5% respectively.

In Croatia, producer prices of industrial products in January were 19.2% up from the same month of 2022, and in December 2022, they rose by 20%.