Financial News: German Producer Prices Fall At Slower Rate In

German Producer Prices Fall At Slower Rate In June

07/19/2024 - 02:24:00 (RTTNews)

(RTTNews) - Germany's producer prices declined at the slowest pace in the current sequence of falls, which began in July last year, data published by Destatis showed on Friday.

Producer prices registered an annual decrease of 1.6 percent in June after declining 2.2 percent in May. Prices have been falling since July 2023.

The overall decline in June was largely due to lower energy prices, which were 5.9 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 0.3 percent more expensive compared to June 2023 and 0.1 percent higher than in May.

Prices for intermediate goods declined 0.9 percent from last year, primarily due to price reductions for paper and cardboard as well as metals.

At the same time, prices for consumer goods rose 0.6 percent, and those for capital goods increased by 2.3 percent.

Month-on-month, producer prices rose 0.2 percent in June after remaining flat in the prior month. The expected increase was 0.1 percent.

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