Germany producer inflation at 28-month low in May

Producer prices rose 1% year-on-year in May, easing for 8th consecutive month thanks to decline in energy prices

By Tuba Ongun

ANKARA (AA) – Germany's producer prices increased at the slowest pace this May since January 2021, according to official figures released on Tuesday.

The annual producer inflation in Germany eased to 1% in May, from 4.1% in April, said the federal statistical bureau Destatis.

This was the eighth consecutive month of slowdown in Germany's producer inflation thanks to the decline in energy prices.

Energy prices as a whole fell 3.3% year-on-year in May, led by a 10.2% drop in electricity prices.

Prices of capital goods rose by 6.5% on the prior year, mainly driven by price increases in machinery (up 8.2%) and vehicles and parts (up 5.6%).

On a monthly basis, the producer prices fell 1.4% in May, shifting from a 0.3% growth in April.

Kaynak:

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