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Financial News: Germany Producer Prices Decline On Energy Prices

Germany Producer Prices Decline On Energy Prices

03/08/2024 - 05:56:00 (RTTNews)

(RTTNews) - Germany's producer prices declined sharply in January largely due to lower energy prices, data published by Destatis showed on Friday.

Producer prices registered an annual decrease of 4.4 percent after declining 5.1 percent in December. This was the slowest fall since last July.

Destatis said this was the first result following the rebasing of the index of producer prices of industrial products to the new base year 2021.

Energy prices plunged 11.7 percent from a year ago. Lower natural gas prices had the biggest influence on the energy prices.

Excluding energy prices, producer prices were 0.5 percent lower than in January 2023 and 0.3 percent higher than in December.

Month-on-month, producer prices gained 0.2 percent in January, in contrast to the 0.8 percent decrease in December.

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