Investing.com – Producer price inflation in the euro zone declined less-than-expected in August, official data showed on Tuesday.
In a report, Eurostat said that its producer price index eased 0.1% in August, after rising by 0.5% in July.
Analysts had expected the producer price index to ease by 0.2% in August.
Year-over-year, the index rose at an annualized rate of 5.9% in August, above expectations for a 5.8% increase, after rising at a rate of 6.1% in July.
Following the release of the data, the euro was fractionally higher against the U.S. dollar, with EUR/USD edging 0.04% higher to trade at 1.3182.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 2.65%, France’s CAC 40 dropped 2.7%, Germany's DAX plunged 3.1%, while the FTSE 100 fell 2.4%.
In a report, Eurostat said that its producer price index eased 0.1% in August, after rising by 0.5% in July.
Analysts had expected the producer price index to ease by 0.2% in August.
Year-over-year, the index rose at an annualized rate of 5.9% in August, above expectations for a 5.8% increase, after rising at a rate of 6.1% in July.
Following the release of the data, the euro was fractionally higher against the U.S. dollar, with EUR/USD edging 0.04% higher to trade at 1.3182.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 2.65%, France’s CAC 40 dropped 2.7%, Germany's DAX plunged 3.1%, while the FTSE 100 fell 2.4%.