Germany’s producer prices for industrial products experienced a slight decline in July 2024, according to data released by the Federal Statistical Office (Destatis). The producer prices were 0.8 per cent lower compared to July 2023, marking an improvement from the 1.6 per cent year-on-year (YoY) decrease recorded in June 2024. On a month-to-month basis, producer prices in July 2024 saw a modest increase of 0.2 per cent compared to June 2024.
Germany’s producer prices for industrial products fell by 0.8 per cent in July 2024 compared to the previous year, driven by a 4.1 per cent decline in energy prices, according to Destatis.
However, prices rose 0.2 per cent from June 2024.
Excluding energy, producer prices increased by 0.9 per cent YoY.
Non-durable consumer goods saw slight price increases.
The continued YoY decline in producer prices was primarily driven by lower energy prices. Energy prices in July 2024 were down 4.1 per cent compared to the same month the previous year. However, energy prices did rise slightly by 0.5 per cent from June 2024 to July 2024. When excluding energy prices, producer prices actually increased by 0.9 per cent YoY and by 0.1 per cent from the previous month.
Non-durable consumer goods were 0.6 per cent more expensive in July 2024 than in July 2023, although their prices dipped slightly by 0.1 per cent compared to June 2024. Durable consumer goods were 0.7 per cent more expensive in July 2024 compared to the previous year, with prices remaining unchanged from June 2024, as per Destatis.
Intermediate goods saw a marginal price increase of 0.3 per cent in July 2024 compared to July 2023, with a 0.2 per cent rise from June 2024. Within this category, various product groups exhibited different price trends.
Fibre2Fashion News Desk (DP)