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Financial News: German Producer Price Decline Slows Further

German Producer Price Decline Slows Further

09/18/2020 - 03:31:00 (RTTNews)

(RTTNews) - Germany's producer prices declined at the slowest pace in five months in August, preliminary data from the Federal Statistical Office showed on Friday.

Producer prices declined 1.2 percent year-on-year following a 1.7 percent fall in July. Economists had expected a 1.4 percent decrease.

The pace of decline was the weakest since March, when prices fell 0.8 percent.

The main reason for the decline in commercial producer prices in August was the 3.9 percent year-ob-year slump in energy prices.

Prices for petroleum products decreased 14.4 percent and those for natural gas in distribution fell 9.9 percent.

Excluding energy, producer prices decreased 0.4 percent from the same month of 2019.

Compared to the previous month, producer prices were unchanged in August after a 0.2 percent increase in July. Economists had expected a 0.1 percent.

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