Italy Producer Prices Drop Further In May

By IBTimes Staff Reporter | June 30 2009 6:02 AM

RTTNews - Producer prices in Italy dropped 6.1% year-on-year in May, after falling by a revised 4.6% % in the preceding month, the statistical office ISTAT said Tuesday. Economists expected prices to drop 6.5%.

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During the month, manufacturing prices dropped 6.6% on an annual basis, while mining prices fell 2.1%. Price of utilities were down 2.4%. Among the industrial groups, energy showed the steepest drop in prices, by 21.8%.

Month-on-month, producer prices slipped 0.2% in May compared to a 0.5% drop in the preceding month. Economists expected prices to rise 0.1%.

In the first five months of the year, producer prices were down 3.8% compared to the same period of the previous year.

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