Financial News: German Producer Prices Fall At Faster Pace

German Producer Prices Fall At Faster Pace

10/21/2024 - 03:08:00 (RTTNews)

(RTTNews) - Germany's producer prices declined at a faster pace in September due to the sharp fall in energy prices, data from Destatis showed on Monday.

Producer prices dropped 1.4 percent on a yearly basis, following a 0.8 percent fall in August and July.

The annual decline was again driven by the fall in energy prices. Meanwhile, capital, consumer and intermediate goods were more expensive. Energy prices plunged 6.6 percent annually.

Prices for capital goods moved up 2.0 percent and that of consumer goods climbed 1.5 percent. Durable consumer goods were 0.9 percent more expensive than a year ago. At the same time, intermediate goods prices grew only 0.5 percent.

Excluding energy, producer prices gained 1.2 percent on year but fell 0.1 percent from a month ago.

Month-on-month, producer prices fell 0.5 percent, in contrast to the 0.2 percent increase in August.

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