Euro area producer prices fell 0.3 percent in June, and energy was the only group in the index that fell

Strip the energy row out of the euro area producer price index and June was an increase.

Industrial producer prices in the euro area fell 0.3 percent in June against May, on first estimates published by Eurostat on Wednesday morning. Prices in the European Union as a whole fell 0.2 percent. In May both had risen 0.2 percent. Against June 2025 the euro area index is still up 4.6 percent and the EU index up 4.7 percent, so the monthly decline sits inside an annual increase that has not gone away.

Energy did all of the work. It fell 1.5 percent on the month, and it was the only one of the five main industrial groupings in the euro area to fall at all. Intermediate goods rose 0.3 percent, capital goods 0.2 percent, durable consumer goods 0.2 percent, and non-durable consumer goods were unchanged. Total industry excluding energy rose 0.2 percent.

The annual picture is more lopsided than the monthly one

On the year, energy is up 8.8 percent in the euro area.

Intermediate goods are up 6.1 percent, capital goods 2.3 percent and durable consumer goods 2.9 percent, while non-durable consumer goods are down 0.6 percent. The index excluding energy is up 3.0 percent, against 4.6 percent for the whole thing. That gap of 1.6 percentage points is what the energy row is contributing to the headline.

Eurostat's own monthly table for total industry in the euro area now reads 0.7, minus 0.6, 3.4, 0.6, 0.2 and minus 0.3 for January through June. Only two of the six are negative. The energy row over the same months reads 1.3, minus 2.5, 11.0, minus 0.3, minus 1.0 and minus 1.5, and that single March reading of 11.0 percent is larger than the other five combined in either direction. June is the third consecutive monthly fall in energy.

Where the movement was

Producer prices fell hardest in Lithuania, down 1.7 percent on the month, then Ireland at 1.5 percent and Bulgaria and Greece at 1.3 percent each. The largest monthly increases were in Slovakia at 1.1 percent, Romania at 1.0 percent and Estonia at 0.9 percent.

The annual table is a different order entirely. Bulgaria is up 18.2 percent on the year, Romania 14.3 percent and Ireland 11.4 percent, which puts Ireland among the steepest monthly falls and the steepest annual rises at the same time. Luxembourg, down 3.2 percent, is the only member state where producer prices are lower than a year ago.

Eurostat publishes the next release on 3 September.