German producer inflation falls for 4th consecutive month in January

By Tuba Sahin

ANKARA (AA) - Germany's annual producer inflation eased for the fourth consecutive month in January thanks to a slowdown in rising energy prices, according to data from the federal statistical bureau Destatis on Friday.

Producer prices rose 17.8% year-on-year in January, the slowest growth since September 2021.

In December 2022, the increase had been 21.6% and in November 28.2%.

Energy prices as a whole surged 32.9% compared to January 2022, as the cost of natural gas (distribution) and of electricity soared by 50.7% and 27.3%, respectively.

The overall index excluding energy climbed 10.7% from a year ago.

Moreover, prices also rose significantly for non-durable consumer goods (up 17.9%), intermediate goods (10%), durable consumer goods (10.8%), and capital goods (7.6%).

On a monthly basis, producer prices dropped 1% in January, following a 0.4% decline in December 2022, also stemming from the development of energy prices.

Compared to the previous month, energy prices fell 5%, mainly caused by a decrease in electricity prices.