Producer-price trajectories diverged sharply across the Atlantic in the latest reporting periods. Colombia’s national statistics agency DANE recorded a 3.49% month-on-month fall in the Índice de Precios del Productor for June, the steepest decline in recent data, dragging the annual rate from 6.79% in May to 3.30%. In the eurozone, Eurostat reported that industrial producer prices rose 0.2% in May from April, below the 0.3% consensus, while the year-on-year measure ticked up to 5.9% from 5.7% in April. The figures paint a picture of rapidly easing pipeline pressures in the commodity-exporting Andean economy, while European factory-gate costs remain sticky, albeit with monthly momentum losing pace.

The Colombian collapse was concentrated in goods sold abroad. Export prices plunged 12.33% on the month, driven by an 18.01% drop in mining and quarrying, the only sector to undershoot the national average. By contrast, prices for domestic consumption inched up 0.40%. The reversal reflects falling international prices for crude oil and gold, the same commodities that had propelled the IPP to a 6.79% annual gain in May, when mining surged 28.24% year-on-year. In June, agriculture, livestock and fishing provided the main upward push, with potatoes, citrus fruits and stone fruits posting triple-digit annual increases, while coffee prices continued to retreat, down over 30% from a year earlier.

Viewed from Frankfurt, the eurozone’s 0.2% monthly rise was led by a 1.4% increase in intermediate goods, with capital goods and durable consumer goods adding 0.2% and 0.3% respectively. Energy prices fell 1.0% on the month, yet remained 14.0% higher than a year earlier, still the dominant driver of the annual rate. Excluding energy, the PPI rose 0.7% in May, signalling that cost pressures persist in manufacturing supply chains. Retail sales in the currency bloc also grew 0.2% on the month and 1.6% year-on-year, suggesting that consumer demand is holding up even as industrial input costs moderate only gradually.

For policymakers, the data offer contrasting signals. In Bogotá, the sharp deceleration in producer prices may ease concerns about second-round effects on consumer inflation, though the split between export deflation and modest domestic price growth complicates the outlook. In Frankfurt, the ECB will note that while monthly energy costs are retreating, the annual PPI remains elevated and core producer prices are still rising, keeping the door open for further monetary tightening. The next factual milestones are the ECB’s upcoming policy meeting and DANE’s July IPP release, which will show whether the Colombian decline extends or stabilises.