(Alliance News) - Industrial producer prices in the eurozone declined sharply in April from the month before, dragged lower by a steep fall in energy prices, while the annual pace of price growth across both the euro area and wider EU slowed, Eurostat data showed on Wednesday.

Producer prices in the euro area fell by 2.2% in April from March, following a 1.7% fall the previous month. In the EU as a whole, prices were down 2.1% on the month, after falling 1.6% in March.

The monthly decline in the producer price index was driven by a 7.7% fall in energy prices in the eurozone and a 7.1% fall in the EU. Excluding energy, prices in both areas rose by 0.1%, with moderate increases in consumer goods partly offset by lower prices for intermediate goods.

Among EU member states, the biggest monthly decreases in producer prices were recorded in Bulgaria, down 4.9%, France, down 4.3%, and Ireland, down 4.0%. The largest increases were seen in Cyprus, Malta and Slovenia.

Annually, producer prices in April rose by 0.7% in the eurozone and 0.6% in the EU, slowing from March's gains of 1.9% and 2.1%, respectively. Excluding energy, prices rose 1.1% in the eurozone and 1.2% in the EU.

At the national level, Bulgaria, Ireland and Greece saw the strongest annual increases, while Lithuania, Portugal and Czechia posted the steepest declines.

By Eva Castanedo, Alliance News reporter

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