Financial News: German Producer Prices Fall 0.8%, Less Than Expected

German Producer Prices Fall 0.8%, Less Than Expected

09/20/2024 - 03:18:00 (RTTNews)

(RTTNews) - Germany's producer prices declined at a stable rate in August, though at a slower-than-expected pace, data published by Destatis showed on Friday.

Producer prices registered an annual decrease of 0.8 percent in August, the same as in July. The expected decline was 1.0 percent. Prices have been falling since July 2023.

The overall decline in August was largely due to lower energy prices, which were 4.6 percent cheaper compared to last year. Lower natural gas and electricity prices had the biggest influence on energy prices.

Excluding energy prices, producer prices were 1.2 percent more expensive compared to August 2023, while they remained flat compared to July.

Prices for intermediate goods climbed 0.7 percent from last year, and those for capital goods rose 2.0 percent. Similarly, costs for consumer goods increased by 1.0 percent.

Month-on-month, producer prices rose slightly and at a steady pace of 0.2 percent in August, while prices were expected to remain flat.

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