July 2, 2019 / 10:01 AM / in 19 days

Euro zone producer prices fell 0.1% month-on-month in May

BRUSSELS (Reuters) - Euro zone industrial producer price were down in May from April, data showed on Tuesday, dragged down by a drop in energy prices.

The European Union’s statistics office Eurostat said prices at factory gates in the 19 countries sharing the euro fell 0.1% in May against the previous month and were 1.6% higher than a year earlier.

Economist polled by Reuters had forecast the month-on-month drop but saw a slightly higher year-on-year increase of 1.7%.

Without energy costs, which dropped 0.6% month-on-month, producer prices were flat on the month and 1.0% higher on the year.

Producer prices are an early indication of trends in consumer inflation, which the European Central Bank wants to keep below, but close to 2 percent over the medium term but has undershot that since 2013.

Reporting by Alissa de Carbonnel, Editing by Foo Yun Chee

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