Furthermore, compared to July 2023, the year-on-year (YoY) rate was noted to be minus 6.0 per cent, and a monthly augmentation of 0.3 per cent was seen in August 2023.
The overarching reason for this yearly dip has been identified as the decrease in energy prices and intermediate goods costs. While the energy sector saw a decline of 31.9 per cent from August 2022, it did experience a 1.6 per cent increase compared to July 2023. Likewise, intermediate goods manifested a 4.1 per cent reduction YoY and a minor 0.7 per cent decrease from the previous month, as per Destatis.
Delving deeper, consumer goods exhibited varied dynamics, with non-durable consumer goods witnessing a notable 6.9 per cent price hike compared to August 2022. However, these products saw a decrease of 0.3 per cent relative to July 2023. On the other hand, durable consumer goods experienced a YoY growth rate of 5.2 per cent, maintaining stable prices with no change observed in comparison to July 2023.
ALCHEMPro News Desk (DP)
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