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Financial News: Germany Producer Prices Fall Further Amid Cheaper Energy

Germany Producer Prices Fall Further Amid Cheaper Energy Costs

03/20/2024 - 03:38:00 (RTTNews)

(RTTNews) - Germany's producer prices declined for the eighth straight month in February, and at a faster-than-expected pace, data published by Destatis showed on Wednesday.

Producer prices registered an annual decrease of 4.1 percent after declining 4.4 percent in January. Prices have been falling since July 2023.

Energy prices plunged 10.1 percent from a year ago. Lower natural gas prices had the biggest influence on energy prices.

Excluding energy prices, producer prices were 0.8 percent lower than in February 2023 and 0.1 percent higher than in January.

Prices for intermediate goods declined 3.8 percent from last year, primarily due to price reductions for metals and chemical raw materials. At the same time, prices for consumer goods rose 0.2 percent, which was the lowest price increase since April 2021.

Month-on-month, producer prices dropped 0.4 percent in February, versus an expected fall of 0.1 percent.

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