Euro area PPI fell -1.6% MoM (vs -1.6% MoM expected) but was up 1.9% YoY (vs 2.0% YoY) in March.

• Excluding energy, PPI was up 0.1% MoM and 1.3% YoY, down from 1.4% YoY previously.
• Energy costs crashed -5.8% MoM in March but were still up 7.6% YoY.
• Intermediate goods costs were unchanged MoM, and capital goods costs were only up 0.1% MoM.
• On the consumer side,, durables costs were up 0.2% MoM and non-durables, the segment with the largest increase, was up 0.5% MoM.