German wholesale prices drop 2.7% in January

By Tuba Ongun

Wholesale prices in Germany decreased 2.7% at an annualized pace in January, marking the 10th consecutive month of decline, according to official data released on Friday.

The figure followed a 2.6% decline in December 2023, data from the statistical office Destatis showed.

As in the previous months, this mainly stemmed from a 7.2% annual decrease in the prices of mineral oil products, it said.

"Lower year-on-year wholesale prices were also recorded for grain, unmanufactured tobacco, seeds and animal feeds (-20.3%), chemical products (-16.3%), metals and metal ores (-12.7%), and waste and scrap (-6.4%)," it noted.

On the other hand, prices increased for fruit, vegetables, and potatoes (11.8%), and sugar, confectionery, and bakery products (7%), beverages (6.5%), and tobacco products (5.1%) from last year.

On a monthly basis, wholesale prices rose 0.1% in January, shifting from a 0.6% fall in December 2023.