German wholesale prices fall at fastest rate since 2020

By Tuba Ongun

Wholesale prices in Germany plummeted 4.2% from a year ago in October, the largest decline since May 2020, according to official data released on Wednesday.

This marked the seventh consecutive month of decline in October due to a base effect, data from statistical office Destatis showed.

This was mainly due to a 16.8% 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 (-24.8%), chemical products (-22.1%), metals and metal ores (-14.8%), and waste and scrap (-14.3%)," it noted.

On the other hand, prices surged for fruit, vegetables and potatoes by 13.1%, sugar, confectionery and bakery products 11.4%, beverages 7.9%, and live animals 6.8% from a year earlier.

On a monthly basis, wholesale prices inflation dropped 0.7% in October.