Eurozone: production prices down in October for the first time since May 2020

In October, producer prices in the Eurozone decreased by 2.9% from the previous +1.6%. On an annual basis, the figure marks +30.8% from 31.5% expected and +41.9% previously. Euro area producer prices fell more than expected in October, suggesting that inflationary pressures could perhaps ease further in the coming months. It is the first time that producer prices have declined on a monthly basis since May 2020. Looking at the details, the 6.9% drop in energy prices was the main drag on overall prices.