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Financial News: Germany Producer Prices Continue To Fall

Germany Producer Prices Continue To Fall

05/21/2024 - 02:18:00 (RTTNews)

(RTTNews) - Germany's producer prices continued to fall in April on lower energy and intermediate goods prices and the pace of overall fall in prices deepened, data from Destatis revealed on Tuesday.

Producer prices decreased 3.3 percent on a yearly basis in April, faster than the 2.9 percent fall in March. Economists had forecast an annual fall of 3.2 percent.

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

Excluding energy, producer prices dropped 0.6 percent on year but grew 0.3 percent from the last month.

Intermediate goods prices were down 3.1 percent annually mainly due to the price development for paper and basic chemicals. By contrast, capital goods prices grew 2.4 percent and non-durable consumer goods prices gained 0.3 percent. Durable consumer goods prices moved up 1.0 percent.

On a monthly basis, producer prices advanced 0.2 percent, the same pace of increase as seen in March and also matched economists' expectations.

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