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Financial News: German Wholesale Price Decline Slows For Second Month

German Wholesale Price Decline Slows For Second Month

01/15/2024 - 04:49:00 (RTTNews)

(RTTNews) - Germany's wholesale prices fell at a slower pace for a second month in a row in December as the steep declines in mineral oil products continued, preliminary data from the statistical office Destatis showed Monday.

The wholesale price index decreased 2.6 percent year-on-year following a 3.6 percent slump in November and a 4.2 percent decline in October.

Compared to the previous month, the wholesale prices decreased 0.6 percent in December after a 0.2 percent fall in November. Economists had expected a 0.2 percent gain.

The wholesale prices have been falling since April.

For the year 2023, the wholesale prices decreased an average 0.5 percent from 2022, when they surged 18.8 percent. The sharp fall in prices of mineral oil products had a significant impact.

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