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Financial News: Germany PPI Inflation Eases More Than Forecast

Germany PPI Inflation Eases More Than Forecast

11/21/2022 - 02:54:00 (RTTNews)

(RTTNews) - Germany's producer price inflation eased more-than-expected in October to reach its lowest level in four months, data from Destatis showed on Monday.

Producer prices climbed 34.5 percent year-over-year in October, slower than the 45.8 percent surge in September. That was also well below the 41.5 percent rise expected by economists.

The overall strong inflation in October was largely caused by an 85.6 percent jump in energy prices amid higher costs for natural gas and electricity.

Excluding energy, producer prices rose 13.7 percent yearly and by 0.4 percent monthly in October.

Among other components of the producer price index, prices of intermediate goods increased 15.9 percent and those for capital goods grew 7.8 percent.

Prices for consumer goods alone registered a double-digit annual growth of 19.0 percent.

On a monthly basis, producer prices decreased 4.2 percent in October, reversing a 2.3 percent rise in September. Prices fell for the first time since May 2020.

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