Producer prices down in Germany for 1st time since November 2020

Producer prices down in Germany for 1st time since November 2020

Decreasing energy prices push producer inflation down

By Gokhan Ergocun

ISTANBUL (AA) – Germany's producer prices decreased by 6% year-on-year in July, posting the first decline since November 2020, the country's federal statistical bureau stated on Monday.

The decline is largely due to a base effect, Destatis said and recalled that the prices had soared in July 2022 as a consequence of the Russian war on Ukraine.

"The main reason for the year-on-year decline in producer prices were lower energy prices, but also decreases in the prices of intermediate goods," it noted.

Energy prices in Germany dropped by 19.3% in July on a yearly basis, it said, adding that lower electricity prices had the biggest impact on producer inflation.

"Across all customer groups, electricity prices declined by 30.0% from July 2022," it added.

Natural gas prices decreased by 16.2% over the same period. It is also the first annual drop since December 2020.

Mineral oil prices were down by 16.6% year-on-year in July.

"When energy prices are excluded, producer prices were 2.0% higher than in July 2022 and 0.4% lower than in June 2023," it added.

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