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Financial News: Austria Wholesale Prices Decline Most Since September 2009

Austria Wholesale Prices Decline Most Since September 2009

05/07/2020 - 09:12:00 (RTTNews)

(RTTNews) - Austria's wholesale prices fell at the fastest pace in over ten-and-a-half years in April, data from Statistics Austria showed on Thursday.

The wholesale price index declined 6.9 percent year-on-year in April, following a 4.7 percent fall in March.

The latest decline was the worst since September 2009, when prices fell 8.2 percent.

The decline in prices was mainly complicated due to the falling demand for petroleum products and fuels in the amid the coronavirus crisis, the agency said.

Prices for other petroleum products declined 42.9 percent annually in April. Prices for waste and residual materials fell 25.3 percent and iron and steel decreased by and 7.3 percent.

On a month-on-month basis, the wholesale prices decreased 1.7 percent in April, following a 3.2 percent rise in the prior month.

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