Financial News: Germany Wholesale Prices Fall For First Time Since

Germany Wholesale Prices Fall For First Time Since Late 2020

05/15/2023 - 02:39:00 (RTTNews)

(RTTNews) - Germany's wholesale prices logged its first decline since December 2020 driven by the sharp fall in mineral oil product prices, data published by Destatis revealed on Monday.

The wholesale price index declined 0.5 percent in April from the last year, following March's 2.0 percent increase.

Prices dropped for the first time since December 2020, when the index slid 1.2 percent. Prices were forecast to drop 0.7 percent in April.

Selling prices in wholesale trade of mineral oil products plunged 15.7 percent and that of scrap and residual minerals declined 31.5 percent. Meanwhile, prices of fruit, vegetables and potatoes advanced 22.0 percent.

On a monthly basis, wholesale prices dropped 0.4 percent, in contrast to the 0.2 percent rise in March. Economists had forecast a monthly growth of 0.3 percent.

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