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Economy in Brief

Euro Area Producer Prices Surge in January; Core Elevates Too
by Robert Brusca March 4, 2008

The Euro Area PPI rose by 0.8% in January. Excluding energy, prices rose by 0.6%. Headline inflation is accelerating. Ex-energy inflation is stubborn just above the 3% mark. Among the major three categories, inflation is subdued only for capital equipment, rising at a pace of 1.3% year-over-year. Consumer goods inflation is oscillating in the 4% to 5% range over the past year. Intermediate goods prices have been above the 2% mark in recent months. Across the largest EMU economies ex-energy inflation is tame only for Germany. For France and Italy ex-energy inflation is around 3%. In the UK ex-energy inflation is 3.9% and accelerating to over 5% over three months.

Euro Area and UK PPI Trends
  M/M SAAR
Euro Area 15 Jan-08 Dec-07 3-Mo 6-MO Yr/Yr Y/Y Yr Ago
Total PPI ex Construction 0.8% 0.1% 7.4% 6.0% 4.9% 3.1%
Excl Energy 0.6% 0.1% 3.1% 3.3% 3.3% 3.5%
Capital Goods 0.3% 0.1% 1.6% 1.4% 1.3% 2.0%
Consumer Goods 0.5% 0.3% 4.8% 5.6% 4.2% 1.5%
Intermediate & Capital Goods 0.7% 0.0% 2.3% 2.1% 2.8% 4.5%
Energy 1.4% 0.2% 21.9% 15.6% 10.6% 1.6%
MFG 0.5% 0.1% 5.2% 4.7% 5.1% 2.4%
Germany PPI 0.8% -0.1% 6.5% 4.6% 3.3% 3.2%
Ex Energy 0.4% 0.0% 1.4% 2.2% 2.5% 2.9%
France PPI 0.5% 0.1% 5.7% 5.3% 4.9% 1.8%
Ex Energy 0.4% 0.2% 2.9% 3.3% 3.0% 2.8%
Italy PPI 0.4% 0.1% 6.7% 5.9% 5.2% 4.0%
Ex Energy 0.5% 0.0% 2.8% 2.8% 3.0% 4.4%
UK PPI 1.3% 1.3% 24.8% 18.7% 7.9% -1.4%
Ex Energy 1.0% 0.3% 5.7% 4.6% 3.9% 3.2%
Euro Area 15 Harmonized PPI excluding Construction
The EA 15 countries are Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovenia and Spain.
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