Financial News: Germany Producer Prices Fall At Slower Pace

Germany Producer Prices Fall At Slower Pace

08/20/2024 - 03:49:00 (RTTNews)

(RTTNews) - Germany's producer prices continued to decrease on weaker energy prices but the overall pace of fall in producer prices slowed further.

The annual fall in producer prices halved to 0.8 percent in July from 1.6 percent in June, Destatis said Tuesday. The rate came in line with expectations.

Producer prices have been falling since July 2023 and the latest drop was the slowest in the current sequence of decline.

Producer prices in July were up 0.2 percent on month, the same as in June and matched expectations.

Lower energy prices continued to be the major reason for the annual decline. Energy prices slid 4.1 percent on year.

Excluding energy, producer prices advanced 0.9 percent from the last year, and gained 0.1 percent from June 2024.

Data showed intermediate goods prices were 0.3 percent higher than in July 2024. Likewise, capital goods prices moved up 2.0 percent.

Prices of non-durable consumer goods and durable consumer goods gained 0.6 percent and 0.7 percent, respectively.

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