The annual decline in producer prices slowed down in Germany in July

By: Trademagazin Date: 2024. 08. 20. 11:57

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In Germany, producer prices fell by 0.8 percent in July compared to a year earlier, which is a slowdown after the previous month’s 1.6 percent year-on-year fall, but it was still the thirteenth consecutive month of an annual decline, the German Federal statistical office, Destatis on Tuesday.

In July, the decrease was still primarily due to lower energy prices, while consumption and investment goods became more expensive.

Energy prices decreased by 4.1 percent compared to last July, after a 5.9 percent decrease was recorded in June. The decrease in the price of natural gas and electricity had the greatest impact on the annual evolution of energy prices. The price of gas fell by 12.3 percent in July after a 14.8 percent drop in June, and electricity cost 9.2 percent less in July than a year earlier, after 11 percent in the previous month.

Producer prices calculated without energy rose by 0.9 percent in July this year compared to the same month of the previous year.