Germany’s wholesale prices drop at slowest speed in three months

(MENAFN) Germany’s wholesale prices dropped 0.8 percent on a yearly basis in the previous month, the slowest speed in three months, German statistical office Destatis stated on Friday.

The number eased from a 1.6 percent decrease in the previous couple of months and marked the 18th sequential month of drop, the data revealed.

Mineral oil products' wholesale prices dropped 11.5 percent on a yearly basis, which was cited as the main driver in the total decrease.

At the same time, wholesale prices of iron, steel, as well as ferrous semi-finished metal goods saw a slow down of 5.3percent, computer and peripheral tools 4.9 percent, and chemical products 4.6 percent.

meanwhile, wholesale prices of coffee, tea, cocoa, as well as spices increased 26 percent, whereas non-ferrous ores and metals and semi-finished metal goods revealed a 24 percent climb in wholesale price.

“Sugar, confectionery and bakery products (+9.9 percent), waste and scrap (+8.3 percent) and metals and metal ores (+6.2 percent) were also more expensive at the wholesale level than a year earlier,” stated Destatis.

Month-on-month, wholesale prices increased 0.4 percent in the previous month following a 0.3 percent drop in September.

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