Germany's wholesale prices continue to drop in March

By Gokhan Ergocun

ISTANBUL (AA) - Germany's wholesale prices decreased by 3% year-on-year in March, marking 12th consecutive decline, official figures from Destatis showed on Tuesday.

Meanwhile, prices increased by 0.2% from February, federal statistical authority's data revealed.

The annual drop stemmed mainly from weaker prices of mineral oil products, down 3.3% on an annual basis, but increased by 0.7% on a monthly basis.

"Lower year-on-year wholesale prices were also recorded in particular for grain, unmanufactured tobacco, seeds and animal feeds (-19.8%), metals and metal ores (-13.6%), chemical products (-13.1%), and waste and scrap (-6.4%)," Destatis noted.

In March, tobacco products' prices increased by 5.8% versus the same month last year, while prices of fruit, vegetables and potatoes rose by 4.4% and beverages by 4.2%.