Brussels:Annual industrial producer inflation in the euro area surged to 8.2% in August, marking its highest level since February 2023 and surpassing market expectations of 8.1%.

According to Anadolu Agency, the annual rate increased from 5.8% in July, with producer prices rising 1.9% month-on-month, following a 1.6% rise in the previous month.

Energy prices led this increase, climbing 21% from a year earlier and 5.6% from July. Excluding energy, industrial producer prices in the euro area grew by 3.4% annually and 0.2% monthly.

Intermediate goods saw a year-on-year price increase of 6.8%, while capital goods and durable consumer goods recorded rises of 2.6% and 3.4%, respectively. In contrast, non-durable consumer goods prices dropped by 0.8%.

In the wider European Union, industrial producer prices rose 8% annually in August, up from 5.6% in July, with a monthly increase of 1.9%.

Ireland experienced the largest annual rise among EU countries at 17.1%, followed by Bulgaria at 16.8% and Lithuania at 14.6%. Luxembourg was the only country to see an annual decline, with prices falling by 7.9%.

For monthly increases, Bulgaria and Estonia led with a 3.3% rise, followed by Italy at 3.1% and Denmark at 3%.