Producer prices of German industrial products up by 0.1% YoY in Jun

This represents the smallest YoY change in producer prices recorded since December 2020, it noted.

In May this year, the rate of change compared to the same month a year earlier was 1 per cent.

Compared with May this year, German producer prices were down by 0.3 per cent in June.

Large YoY increases in the prices of non-durable and durable consumer goods were reported alongside substantial decreases in the prices of intermediate goods and energy, Destatis said in a release.

In June, the prices of non-durable consumer goods were 9.4 per cent higher YoY and rose slightly by 0.1 per cent month on month (MoM).

An YoY rise of 6.7 per cent and a MoM rise of 0.1 per cent were observed for durable consumer goods in June this year.

Intermediate goods prices were 2.7 per cent lower YoY in June and 0.9 per cent down MoM.

The decrease in energy prices was more pronounced than the drop in intermediate goods prices. Energy prices declined by 5 per cent YoY and 0.2 per cent MoM in June.

Energy prices in Germany soared after the start of the Russian attack on Ukraine in February 2022, but have decreased by 34.5 per cent since September 2022. Lower electricity prices had the biggest influence on the year-on-year rate of change for energy.

ALCHEMPro News Desk (DS)