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Eurostat: Romania, among the member states with the highest increases in industrial production prices in July
The prices of the products leaving the factory gates registered, in July 2024, compared to June 2024, an increase of 0.8% both in th European Union and in the euro zone, but Romania is among the EU member states with the highest increases in industrial production prices, the data show published on Wednesday by Eurostat.
According to these data, from one month to the next, industrial production prices increased in most member states, but the most important increases were recorded in Bulgaria (3.6%), Greece (2.9%) and Romania (2.7%). Eurostat specifies that the evolution of industrial production prices in the EU was particularly influenced by the 2.5% advance in energy prices.
On an annual basis, the prices of industrial production registered a decrease of 2.1% in the euro zone and a decline of 1.9% in the EU. Romania is among the member states with the highest increase in industrial production prices, with an advance of 2.7% at an annual rate. A greater increase was registered only in Ireland where industrial production prices increased by 6.1% at an annual rate.
The prices of industrial production in the EU were primarily influenced by energy prices, which registered a decline of 6.9% on an annual basis.
The change of prices at the factory gates is usually attributed to final consumers and therefore can be an indicator of the evolution of inflation that the European Central Bank targets through its monetary policy.
The National Institute for Statistics (INS) published its own data on Tuesday, according to which the prices of industrial production (domestic market and foreign market) had an upward evolution of 2.6% in July of this year, compared to the same period of 2023.
This July, industrial production prices on total markets increased by 2.1%.
According to INS, for the large industrial groups the industrial production price index recorded in July 2024 vs.July 2023 a jump of 0.12% in the case of consumer goods, of 0.22% in capital goods and of 6.33% in the energy industry. Onn the other hand, decreases were reported in the intermediate goods industry (-0.34%) and in the durable goods industry (-0.45%).
By section, increases were reported in the extractive industry (+2.62% compared to July 2023), the processing industry (+2.46%), the production and supply of electricity and thermal energy, gas, hot water and air conditioning (+3.30%) and water distribution; sanitation, waste management, decontamination activities (+13.78%).