Financial News: Germany Producer Price Inflation At 17-Month Low On

Germany Producer Price Inflation At 17-Month Low On Easing Energy Costs

02/17/2023 - 03:07:00 (RTTNews)

(RTTNews) - Germany's producer price inflation eased for the fourth straight month in January to reach its lowest level in nearly one-and-a-half years amid a continued slowdown in energy prices, data from Destatis showed on Friday.

The producer price index, or PPI, climbed 17.8 percent year-over-year in January, which was slower than the 21.2 percent surge in December. Economists had forecast the price growth to ease to 16.4 percent.

Further, the latest inflation rate was the weakest since August 2021, when prices had risen 14.2 percent.

The overall strong inflation in January was still largely caused by a 32.9 percent jump in energy prices amid higher costs for natural gas and electricity. However, the rate of growth slowed considerably from 41.9 percent in December.

Excluding energy, producer prices rose 10.7 percent yearly in January, and they moved up 1.4 percent on a monthly basis.

Among other components of the producer price index, prices of intermediate goods increased 10.3 percent, led by upward price developments of glass, ceramics and processed stones.

Prices of consumables grew 17.9 percent annually, and those for capital goods grew 7.6 percent amid higher costs for machinery.

A double-digit annual gain of 10.8 percent was seen in the price of consumer goods alone.

On a monthly basis, producer prices decreased 1.0 percent in January, following a 0.4 percent fall in December. Prices fell for the fourth straight month.

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