Industrial producer prices down by 0.8% in the euro area and by 0.9% in the EU

In December 2023, industrial producer prices fell by 0.8% in the euro area and by 0.9% in the EU, compared with November 2023, according to estimates from Eurostat, the statistical office of the European Union. In November 2023, prices decreased by 0.3% in both the euro area and the EU.

In December 2023, compared with December 2022, industrial producer prices decreased by 10.6% in the euro area and by 10.0% in the EU.

The annual average industrial producer prices for the year 2023, compared with 2022, decreased by 3.2% in the euro area and by 2.1% in the EU.

Monthly comparison

Industrial producer prices in the euro area in December 2023, compared with November 2023, decreased by 2.3% for energy and by 0.3% for intermediate goods, while prices remained stable for both capital goods and durable consumer goods, and prices increased by 0.1% for non-durable consumer goods. Prices in total industry excluding energy decreased by 0.1%.

In the EU, industrial producer prices decreased by 2.4% for energy, by 0.4% for intermediate goods and by 0.1% for durable consumer goods, while prices remained stable for capital goods, and prices increased by 0.1% for non durable consumer goods. Prices in total industry excluding energy decreased by 0.2%.

The largest monthly decreases in industrial producer prices were recorded in Ireland (-12.0%), the Netherlands ( 1.8%) and Estonia ( 1.4%), while increases were observed in Greece (+1.0%), Belgium (+0.5%), Cyprus and Luxembourg (both +0.3%) as well as in France (+0.1%).

Annual comparison

Industrial producer prices in the euro area in December 2023, compared with December 2022, decreased by 27.5% for energy and by 4.9% for intermediate goods, while prices increased by 2.8% for capital goods, by 3.0% for durable consumer goods and by 3.2% for non-durable consumer goods. Prices in total industry excluding energy decreased by 0.4%.

In the EU, industrial producer prices decreased by 25.6% for energy and by 5.0% for intermediate goods, while prices increased by 2.4% for durable consumer goods, by 2.8% for capital goods and by 3.0% for non-durable consumer goods. Prices in total industry excluding energy decreased by 0.6%.

The highest annual decreases in industrial producer prices were recorded in Ireland (-43.5%), Italy (-20.5%) and Bulgaria (-19.8%). The highest increases were observed in Luxembourg (+20.2%), Slovakia (+13.3%) and Slovenia (+2.0%).