Industrial producer prices increase

In February 2023, industrial producer prices increased by 0.3% in Cyprus, and fell by 0.5% in the euro area and by 0.6% in the EU, compared with January 2023, according to estimates from Eurostat, the statistical office of the European Union.

In January 2023, prices had decreased by 1.0% in Cyprus, and had also decreased by 2.8% in the euro area and by 2.3% in the EU.

In February 2023, compared with February 2022, industrial producer prices increased by 20.5% in Cyprus, and increased by 13.2% in the euro area and by 14.5% in the EU

Industrial producer prices in the euro area in February 2023, compared with January 2023, decreased by 1.6% in the energy sector and by 0.1% for intermediate goods, while prices increased by 0.3% for capital goods, by 0.4% for durable consumer goods and by 0.6% for non-durable consumer goods. Prices in total industry excluding energy increased by 0.2%.

In the EU, industrial producer prices decreased by 2.1% in the energy sector and by 0.1% for intermediate goods, while prices increased by 0.4% for capital goods, by 0.5% for durable consumer goods and by 0.6% for non-durable consumer goods. Prices in total industry excluding energy increased by 0.2%.

The largest monthly decreases in industrial producer prices were recorded in Bulgaria (-7.9%), Greece (-3.3%) and Belgium (-3.2%), while the highest increases were observed in Slovakia (+11.5%), Slovenia (+2.7%) and Portugal (+2.5%).

Industrial producer prices in the euro area in February 2023, compared with February 2022, increased by 17.4% in the energy sector, by 15.2% for non-durable consumer goods, by 9.3% for intermediate goods, by 8.7% for durable consumer goods and by 7.3% for capital goods. Prices in total industry excluding energy increased by 10.2%.

In the EU, industrial producer prices increased by 20.1% in the energy sector, by 16.0% for non-durable consumer goods, by 9.7% for intermediate goods, by 8.8% for durable consumer goods and by 7.6% for capital goods. Prices in total industry excluding energy increased by 10.6%.

The industrial producer prices increased in all Member States, with the highest yearly increases being registered in Hungary (+56.1%), Latvia (+37.4%) and Slovakia (+33.8%).