Wholesale prices in Germany decline last month
Date
9/17/2024 7:51:57 AM
(MENAFN) Germany's wholesale prices experienced a decline of 1.1 percent year-on-year in August, according to data released by the country's statistical bureau, Destatis, on Monday. This marks a continuation of the downward trend observed from July, when wholesale prices had decreased by 0.1 percent compared to the same month the previous year. The reduction in wholesale prices in August reflects a broader pattern of deflationary pressures within the German economy.
The primary contributor to the annual decline in wholesale prices was a significant drop in the cost of mineral oil products, which fell by 7.7 percent. This sharp decrease is indicative of lower energy prices affecting the wholesale sector. Additionally, there were notable reductions in prices across other categories, including live animals, which saw a decrease of 8.3 percent, and iron, steel, and ferrous semi-finished metal products, which dropped by 6.5 percent. Chemical products also saw a price decline of 5.8 percent, contributing further to the overall decrease in wholesale prices.
Despite the general trend of falling wholesale prices, certain categories experienced price increases. Specifically, the wholesale prices of coffee, tea, cocoa, and spices surged by 19.6 percent compared to August 2023. Additionally, non-ferrous ores, non-ferrous metals, and non-ferrous semi-finished metal products also saw an increase of 14.7 percent in their wholesale prices. These rises highlight the sectoral variations within the wholesale market and indicate that while some areas are experiencing deflation, others are facing inflationary pressures.
On a monthly basis, wholesale prices in Germany declined by 0.8 percent in August. This monthly decrease adds to the annual trend, illustrating ongoing deflationary trends in the wholesale market. The monthly data provides insight into more immediate price fluctuations and reinforces the broader yearly decline in wholesale prices.
Overall, the August figures reflect a complex landscape in Germany's wholesale market, characterized by significant price drops in certain sectors while others experience notable price increases. The mixed results underscore the varied economic pressures affecting different segments of the wholesale sector and highlight the nuanced nature of price movements within the economy.
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