Friday, Italy's statistical office ISTAT announced that the producer price index or PPI dropped 2.8% year-over-year in February, after falling 2% in January. Economists were looking for a decline of 3%.

In February, producer prices for intermediate goods fell 2.8% annually, while capital goods prices were up 0.8%. Producer prices for energy dipped 12.5%.

On a monthly basis, producer prices decreased 0.6% in February, compared with a 0.8% fall in the previous month. Economists had predicted a decline of 0.5%.

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