Eurozone producer price inflation accelerated in August driven by higher energy prices, data from Eurostat showed on Tuesday.
Producer price inflation advanced to 13.4 percent from 12.4 percent in the previous month. Economists had forecast an annual rate of 13.5 percent.
Excluding energy, producer price inflation rose to 7.4 percent from 6.8 percent in July. Energy prices grew sharply by 32 percent from the last year.
Among other components, intermediate goods prices moved up 14.2 percent. Prices of capital goods and durable consumer goods rose 3.1 percent and 3 percent, respectively. Non-durable consumer goods prices were up 2.8 percent.
On a monthly basis, producer prices advanced 1.1 percent, but slower than the 2.5 percent increase seen in July. This was also weaker than the economists’ forecast of 1.3 percent.