2025年7月，欧元区工业生产者价格同比上涨0.2%，超过市场预期的0.1%，6月份上涨0.6%。非耐用消费品（1.9%对6月份的1.9%）、资本品（1.8%对1.7%）和耐用消费品的价格大幅上涨被能源（-1.2%对0.0%）和中间产品（-0.3%对-0.1%）的下跌部分抵消。按月计算，7月份生产者价格指数上涨0.4%，高于预测的0.2%，6月份上涨0.8%。

Eurozone industrial producer prices rose 0.2% year-over-year in July 2025, surpassing market expectations of 0.1% and following a 0.6% increase in June. Sharp price gains in non-durable consumer goods (1.9% vs 1.9% in June), capital goods (1.8% vs 1.7%), and durable consumer goods (1.7% vs 1.5%) were partially offset by declines in energy (-1.2% vs 0.0%) and intermediate goods (-0.3% vs -0.1%). On a monthly basis, producer prices increased 0.4% in July, above the forecasted 0.2% and following June’s 0.8% rise.

2025年7月，欧元区工业生产者价格环比上涨0.4%，超过市场预测的0.2%，6月上涨0.8%。这种通货膨胀的主要驱动因素是能源成本飙升1.5%，而上个月则上涨了3.3%。额外的上行压力来自耐用消费品，上涨0.2%（对0.1%），资本品也上涨0.1%（与6月持平）。相反，非耐用消费品价格持平（6月份为0.1%），中间产品价格连续第三个月下降，下降0.2%。与去年同期相比，7月份生产者价格通胀率从6月份的0.6%降至0.2%，但仍略高于普遍估计的0.1%。

Eurozone industrial producer prices increased by 0.4% month-over-month in July 2025, exceeding market forecasts of 0.2% and following a 0.8% rise in June. The primary driver of this inflation was a 1.5% surge in energy costs, which followed a 3.3% increase the previous month. Additional upward pressure came from durable consumer goods, which rose by 0.2% (vs. 0.1%), and capital goods, which also increased by 0.1% (unchanged from June). Conversely, the prices of non-durable consumer goods were flat (vs. 0.1% in June), and intermediate goods prices declined for the third straight month, falling by 0.2%. On a year-over-year basis, producer price inflation eased to 0.2% in July from 0.6% in June, though it was still slightly above the consensus estimate of 0.1%.

据报道，2025年8月，HCOB欧元区服务业采购经理人指数为50.5，低于7月份的四个月高点51.0，也低于50.7的初步估计。这一数字表明，欧盟服务业的产出增长速度较慢，幅度较小，主要是由于新订单的停滞。尽管经济放缓，但劳动力市场仍有强劲的迹象，创造就业的速度达到了4月以来的最高水平。此外，积压的减少幅度很小，是2024年5月以来的最低水平。随着投入成本通胀攀升至三个月高点，产出费用以3月以来的最快速度上涨，通胀压力加剧。最后，商业信心略有下降，仍低于长期平均水平。

The HCOB Eurozone Services PMI was reported at 50.5 in August 2025, a decrease from July’s four-month high of 51.0 and below the flash estimate of 50.7. This figure pointed to a slower, more marginal increase in output for the bloc's service sector, largely due to a stagnation in new orders. Despite the slowdown, there were signs of strength in the labor market, with the pace of job creation hitting its highest level since April. Furthermore, the reduction in backlogs was minimal and the weakest since May 2024. Inflationary pressures intensified, as input cost inflation climbed to a three-month high and output charges rose at their fastest pace since March. Finally, business confidence saw a slight decline, remaining below its long-term average.

HCOB欧元区综合采购经理人指数从上个月的50.9微升至2025年8月的51，略低于51.1的初步估计，但仍高于最初的市场预期50.7。这一结果反映了欧元区私营部门活动一年来连续第三次加速扩张，制造商再次反弹（7月份为50.7比49.8），服务提供商增长放缓（50.5）。尽管新出口订单减少，但新订单总量在15个月内首次增加。新产能需求的信号促使企业增加了14个月来最多的员工人数。与此同时，投入成本通胀加速至五个月高点，随后提高了产出费用。尽管标题读数走强，但由于对美国关税和欧元区经济逆风的担忧，商业信心在此期间基本保持不变。

The HCOB Eurozone Composite PMI inched higher to 51 in August of 2025 from 50.9 in the previous month, revised marginally lower from the flash estimate of 51.1 but remaining ahead of the initial market expectations of 50.7. The result reflected a third consecutive acceleration for the Eurozone's sharpest expansion in private sector activity in one year, with a fresh rebound among manufacturers (50.7 vs 49.8 in July) and slower growth for service providers (50.5). New orders at the aggregate level increased for the first time in 15 months, despite a reduction in new export orders. The signal of new capacity demand drove firms to increase their headcounts the most in 14 months. Meanwhile, input cost inflation accelerated to a five-month high, subsequently lifting output charges. Despite the stronger headline reading, business confidence was broadly unchanged in the period amid concerns of tariffs from the US and economic headwinds in the Euro Area.