Germany's producer prices down for 10th consecutive month in April

By Gokhan Ergocun

ISTANBUL (AA) - Germany's producer prices decreased for the 10th consecutive month in April, official figures showed on Tuesday.

The prices declined by 3.3%, according to the federal statistical authority Destatis.

It said that lower energy prices were the main reason for the year-on-year decline in producer prices. Energy prices in April 2024 were down 8.2% from April 2023.

Lower prices for natural gas and electricity had the biggest influence on the rate of change for energy, Destatis said. Gas prices declined by 18%, while electricity cost 14% less.

"Intermediate goods were also less expensive than in April 2023, whereas higher prices had to be paid for consumer and capital goods," it added.

Intermediate goods prices dropped by 3.1% in April 2024 compared to a year earlier.

Meanwhile, the producer prices were up by 0.2% in April on a monthly basis.