Financial News: German Producer Prices Continue To Fall In October

German Producer Prices Continue To Fall In October

11/20/2024 - 02:39:00 (RTTNews)

(RTTNews) - Germany's producer prices declined further in October, though at a slightly slower pace compared to September, data from Destatis showed on Wednesday.

Producer prices dropped 1.1 percent on a yearly basis, following a 1.4 percent fall in the prior month. Prices have been falling since July 2023.

The annual decline was again driven by the fall in energy prices. Meanwhile, capital, consumer, and intermediate goods were more expensive, the agency said.

Energy prices dropped 5.6 percent annually in October amid a 12.9 percent slump in prices for mineral oil products.

Prices for capital goods moved up 2.0 percent, and those of consumer goods climbed 1.9 percent. Durable consumer goods were 0.9 percent more expensive than a year ago. Data showed that intermediate goods prices grew only 0.4 percent.

Excluding energy, producer prices gained 1.3 percent on year but remained flat from a month ago.

Month-on-month, producer prices rebounded 0.2 percent after falling 0.5 percent in September.

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