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Data released by Eurostat on Friday showed that Euro zone producer prices rose by their highest amount in more than four years in October as energy prices increased during the month. Prices at factory gates in the 19 member euro zone increased by 0.8 percent in monthly terms in October and decreased by 0.4 percent from a year earlier.
Both the monthly and annual data were better than forecasts at 0.2 percent monthly rise and a 1.0 percent year-on-year decline respectively. October data compared to a 0.1 percent monthly rise and 1.5 percent annual decline in the previous month. The surge in producer prices on a monthly basis is the largest increase since August 2012 and the y/y decline was also the smallest since July 2013.
The ECB wants to keep consumer price inflation below, but close to 2 percent over a two-year horizon. Rise in PPI in October was fresh indication that inflationary pressures are gradually returning to the currency area and a positive sign for the European Central Bank in its fight against ultra-low inflation. Data for the month on November showed inflation was at a 31-month high of 0.6 percent.
PPI data are among the last pieces of economic data available to the ECB ahead of the Dec. 8 meeting. Analysts expect the ECB to announce an extension of its bond-buying program beyond its scheduled expiry in March 2017.
FxWirePro's Hourly EUR Spot Index was at 46.9312 (Neutral), while Hourly USD Spot Index was at -30.4964 (Neutral) at 1245 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
