# European producer vs consumer inflation | PIER20 benchmarks

Is producer inflation running above consumer inflation?

European producer vs consumer inflation tracks PPI YoY minus HICP YoY. It uses monthly data.

The latest data is from **June 2026**. The Producer inflation reading is **4.40%**. The Consumer inflation reading is **2.70%**. The PPI–HICP gap reading is **1.70 pp**. The Producer inflation line is up 3.8 pp over the past year. It is above its long-run median of 1.90%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Producer inflation | 4.20 | 4.40 | -10.00 | 40.10 |
| Consumer inflation | 2.60 | 2.70 | -0.60 | 10.60 |
| PPI–HICP gap | 1.60 | 1.70 | -14.40 | 30.90 |

## Last 24 readings

| Date | Producer inflation | Consumer inflation | PPI–HICP gap |
|---|---|---|---|
| Jul 2024 | -2.10 | 2.60 | -4.70 |
| Aug 2024 | -2.30 | 2.20 | -4.50 |
| Sep 2024 | -3.50 | 1.70 | -5.20 |
| Oct 2024 | -3.30 | 2.00 | -5.30 |
| Nov 2024 | -1.20 | 2.20 | -3.40 |
| Dec 2024 | 0.00 | 2.40 | -2.40 |
| Jan 2025 | 1.70 | 2.50 | -0.80 |
| Feb 2025 | 3.10 | 2.30 | 0.80 |
| Mar 2025 | 1.90 | 2.20 | -0.30 |
| Apr 2025 | 0.70 | 2.20 | -1.50 |
| May 2025 | 0.30 | 1.90 | -1.60 |
| Jun 2025 | 0.60 | 2.00 | -1.40 |
| Jul 2025 | 0.20 | 2.00 | -1.80 |
| Aug 2025 | -0.60 | 2.00 | -2.60 |
| Sep 2025 | -0.20 | 2.20 | -2.40 |
| Oct 2025 | -0.50 | 2.10 | -2.60 |
| Nov 2025 | -1.40 | 2.10 | -3.50 |
| Dec 2025 | -2.10 | 2.00 | -4.10 |
| Jan 2026 | -2.20 | 1.70 | -3.90 |
| Feb 2026 | -3.10 | 1.90 | -5.00 |
| Mar 2026 | 1.90 | 2.60 | -0.70 |
| Apr 2026 | 4.90 | 3.00 | 1.90 |
| May 2026 | 5.70 | 3.20 | 2.50 |
| Jun 2026 | 4.40 | 2.70 | 1.70 |

## How to read this benchmark

**How to read it.** A positive gap means producer-price inflation exceeds consumer inflation. A negative gap means consumer inflation is higher.

## How this benchmark is used

**Why traders watch it.** Traders use this benchmark to compare upstream price pressure with consumer inflation.

## Frequently asked questions

**What is the latest reading for European producer vs consumer inflation?**

The latest data is from June 2026. The Producer inflation reading is 4.40%. The Consumer inflation reading is 2.70%. The PPI–HICP gap reading is 1.70 pp. The Producer inflation line is up 3.8 pp over the past year. It is above its long-run median of 1.90%.

**How often does this benchmark update?**

The source publishes monthly data. PIER20 updates the page after each new observation. The chart shows the data date and fetch date.

**What data sources does this chart use?**

Eurostat publishes the data. The methodology section lists each source series.

**Where does the data come from?**

Eurostat publishes the source data. The source table lists each series and its exact link.

## Methodology

- Formula: PPI YoY minus HICP YoY
- Frequency: Monthly
- Sources: Producer inflation (producer-inflation) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/sts_inppd_m?freq=M&indic_bt=PRC_PRR_DOM&nace_r2=B-E36&s_adj=NSA&unit=PCH_SM&geo=EA20; Consumer inflation (consumer-inflation) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/prc_hicp_minr?freq=M&unit=RCH_A&coicop18=TOTAL&geo=EA20; PPI–HICP gap (producer-consumer-gap) https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/sts_inppd_m?freq=M&indic_bt=PRC_PRR_DOM&nace_r2=B-E36&s_adj=NSA&unit=PCH_SM&geo=EA20. Data via Eurostat.
- Data through: June 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/european-producer-vs-consumer-inflation
Disclaimer: research software output, not investment advice.