Wednesday, June 3, 2009

Euro Deflation

Missed this in the A.M. Marketwatch reports:

Producer prices in the 16-nation euro zone saw a monthly fall of 1% in April, taking prices 4.6% below the level seen in the same month last year, the statistics agency Eurostat reported Wednesday. Economists had forecast a 0.9% monthly fall and a 4.5% decline from a year ago. News reports said the annual fall was the largest on record. Eurostat also reported a 2.5% quarterly contraction in first-quarter euro-zone gross domestic product, unchanged from a preliminary estimate released last month.


Source: Eurostat