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Economy in Brief

Producer Price Inflation in Five European Countries
by Louise Curley July 21, 2008

Five countries, Portugal, Switzerland, Russia, Estonia and Slovenia, reported June data for producer price indexes today.Among the five countries, inflation at the producer level measured by the year-over-year increase in the producer price index remains highest in Russia where the year-to-year increase in the producer price index rose to 27.6% in June from 24.7% in May and is now at its highest level since December 2004 as can be seen in the first chart.

The other four countries show producer price inflation low in comparison with Russia, but generally high and rising in comparison with their own recent experiences, as shown in the second chart. Estonia is the exception with inflation declining from the peak of 9.11% reached in October, 2007 to 7.45% in June, 2008.

For Portugal and Slovenia, members of the Euro Area, their producer price inflation rates--at 7.5% for Portugal and 6.6% for Slovenia--are among the highest rates in the Euro Area. Switzerland stands out with the lowest producer price inflation rate, 4.4%, of the group.

PRODUCER PRICE INFLATION (%)  Jun 08 May  08  Apr  08  Mar     08  Feb     08  Jan      08 2007 2006
Russia 27.64 24.71 26.91 26.66 26.42 25.23 14.0 12.41
Estonia 7.45 7.18 7.33 8.14 8.43 8.32 8.27 4.48
Slovenia 6.59 6.33 6.16 5.71 5.54 6.42 5.37 2.34
Portugal 7.47 6.74 6.10 6.95 6.02 6.21 3.19 4.68
Switzerland 4.39 3.93 3.58 3.42 3.33 3.44 2.36 2.05
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