By Tuba Ongun
Producer prices in Germany posted the largest annual decline in their history, the country's federal statistical bureau said on Wednesday.
The producer prices of industrial products dropped 12.6% year-on-year in August, owing to a base effect, Destatis said, explaining that as a consequence of the Russia-Ukraine war, the annual hike of 45.8% in producer prices in August 2022 was the highest seen since records began.
The fall in the figure gained momentum from a 6% decline in July.
"The main reason for the year-on-year decline in producer prices were lower energy prices, but also decreases in the prices of intermediate goods," Destatis added.
Energy prices in August posted a decrease of 31.9% from a year earlier, and intermediate goods prices were down 4.1% in the same period.
Price rises for consumer goods and capital goods continued to slow in August.