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Financial News: Germany Producer Prices Fall Most In 4 Years

Germany Producer Prices Fall Most In 4 Years

06/19/2020 - 03:29:00 (RTTNews)

(RTTNews) - Germany's producer prices declined at the fastest pace in four years in May, data from Destatis showed on Friday.

Producer prices fell 2.2 percent year-on-year in May, following a 1.9 percent decline in April. Economists had expected a 2.1 percent decrease. This was the biggest fall since May 2016.

On a monthly basis, producer prices declined at a slower pace of 0.4 percent in May after easing 0.7 percent in the prior month. This was the fourth consecutive fall in prices.

Energy prices decreased 7.9 percent and petroleum products declined 27.5 percent due to fall in demand amid coronavirus pandemic. Intermediate goods prices fell 2.6 percent.

Meanwhile, prices of durable consumer goods and non-durable goods grew 1.5 percent and 1.3 percent, respectively. Capital goods prices increased 1.1 percent from a year ago.

Excluding energy, producer prices dropped 0.2 percent from April and fell 0.3 percent from last year.

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