EUROZONE DATA: EZ PPI Beats With First Y/Y Energy Boost Since Early 2023

Eurozone PPI increased more than expected in January at 1.8% Y/Y (vs 1.3% consensus) after an upward revised 0.1% Y/Y (revised from 0.0%). This is the second non-deflationary Y/Y print since 2023 as energy prices have shifted from heavy drags.  PPI ex energy meanwhile accelerated from 1.0% to 1.3% Y/Y. 

• All five sub-components saw Y/Y increases, though non-durables within consumer goods saw a slower pace.
• Energy producer prices rose a solid 3.5% Y/Y after -1.6% in December, the first increase since early 2023.
• Intermediate goods increased 0.5% Y/Y from 0.0%, the second non-negative print in the last 6 months.
• Capital goods PPI edged up to 1.6% Y/Y from 1.4%.
• Durable consumer goods PPI accelerated to 1.5% Y/Y from 0.8%, whilst non-durable consumer PPI slowed to 1.8% Y/Y from 2.0%.
• On a sequential basis, PPI rose a non-seasonally adjusted 0.8% M/M (vs 0.3% consensus) after an upward revised 0.5% (revised from 0.4%).