German producer prices fall at slowest rate in 13 months
The figure follows a 1.6% drop in June, marking the 13th consecutive month of decline, largely due to falling energy costs, according to data from Destatis.
- Economy
- Anadolu Agency
- Published Date: 10:39 | 20 August 2024
- Modified Date: 10:41 | 20 August 2024
Producer prices in Germany decreased 0.8% year-over-year in July, marking the slowest decline since June 2023, according to the country's statistical bureau on Tuesday.
The figure follows a 1.6% decrease in June, marking the 13th consecutive month of decline, primarily due to falling energy costs, data from Destatis showed.
Energy prices dropped 4.1% year-over-year in July, with significant declines in natural gas and electricity costs, down 12.3% and 9.2%, respectively.
Meanwhile, capital goods prices rose 2% annually in July, driven by increases in machinery (up 2.1%) and motor vehicles (up 1.3%).
The cost of non-durable consumer goods increased by 0.6%, while durable consumer goods gained 0.7% during the same period.
On a monthly basis, producer prices rose 0.2% from June.