German producer prices fell more than expected on the year in July, with the decline due primarily to lower energy prices, the federal statistics office said today.
July producer prices were down 6% compared with the same month last year, when producer prices had soared as a consequence of the war in Ukraine, the office said.
Analysts had expected a decrease of 5.1% in a poll by Reuters.
Compared with July 2022, energy prices were down 19.3%, with lower electricity prices in particular influencing the decline. Across all customer groups, electricity prices fell by 30%.
With energy prices excluded, producer prices in July were 2% higher compared with the same month last year.
On the month, producer prices were down 1.1%. Analysts had expected a drop of 0.2%.
