BERLIN (Reuters) -German producer prices decreased more than expected on the year in July, their first fall in over two-and-a-half years, as easing energy ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBERLIN -German producer prices decreased more than expected on the year in July, their first fall in over two-and-a-half years, as easing energy price pressures added to hopes that inflation in Europe's largest economy could abate further.
July producer prices were down 6.0% compared with the same month last year, when producer prices soared as a consequence of the war in Ukraine, the federal statistics office said on Monday.It was the first year-on-year decline in producer prices since November 2020 and the sharpest decline since October 2009 during the financial crisis.
Energy prices sank 19.3% in July on the year, as electricity prices slumped: Across all customer groups, electricity prices fell by 30.0%. With energy prices excluded, producer prices in July were 2.0% higher compared with the same month last year.Germany's producer price index, which measures the change in the price of goods sold by manufacturers, is considered a key indicator for inflation, which in July eased to 6.5%.
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