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Financial News: German Producer Prices Fall At Slower Rate

German Producer Prices Fall At Slower Rate

06/20/2024 - 03:22:00 (RTTNews)

(RTTNews) - Germany's producer prices continued to fall in May, though at the weakest pace in the current sequence of decreases, which began in July last year, data from Destatis revealed on Thursday.

Producer prices decreased 2.2 percent on a yearly basis in May, slower than the 3.3 percent fall in April. Economists had forecast an annual fall of 2.0 percent.

Energy prices were down 6.4 percent from the same period last year, which was 8.2 percent in April. Lower prices for natural gas and electricity had the biggest influence on the annual change in energy prices.

Excluding energy, producer prices remained flat from last year, but grew 0.3 percent from a month ago.

Intermediate goods prices were down 1.8 percent annually, mainly due to price reductions in paper and cardboard as well as in basic chemicals. On the other hand, capital goods prices rose 2.4 percent, and consumer goods were 0.4 percent more expensive.

On a monthly basis, producer prices remained unchanged versus a 0.2 percent increase in April. Prices were expected to rise by 0.3 percent.

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