Germany's producer prices continue to drop

By Gokhan Ergocun

ISTANBUL (AA) - Producer prices in Germany dropped by 1.1% year-on-year in October, the federal statistical office Destatis revealed on Wednesday.

The annual drop was at 1.4% in September, Destatis recalled, while prices posted 16th consecutive declines in October.

In October, lower energy prices continued to be the main reason for the year-on-year decline in producer prices, while higher prices had to be paid for capital, consumer and intermediate goods, it noted.

Energy prices in October were 5.6% lower than the same month last year.

Meanwhile, producer prices rose by 0.2% month-on-month in October.