Germany's wholesale prices down year-on-year in May

By Gokhan Ergocun

ISTANBUL (AA) - Germany's wholesale prices decreased by 0.7% on a yearly basis in May, according to the federal statistical authority on Thursday.

Destatis recalled that prices were down by 1.8% in April and 2.6% in March.

Lower prices for chemical products (minus 13.9%) were the main reason for the year-on-year decrease in wholesale prices.

"Lower year-on-year wholesale prices were also recorded in particular for iron, steel and ferrous semi-finished metal products (-12.1%)," Destatis added.

On a monthly basis, prices slightly went up by 0.1% in May.