German statistical office Destatis reported that wholesale prices in Germany fell 0.8 per cent year-on-year in October. The data showed the figure eased after a 1.6 per cent decline in September, the 18th consecutive month of decline.
The data showed that wholesale prices for mineral oil products fell 11.5 per cent year-on-year, which was cited as a major factor in the overall decline. Besides, wholesale prices of iron, steel and semi-finished ferrous metal products fell by 5.3 per cent, computer and peripheral equipment by 4.9 per cent and chemical products by 4.6 per cent.
On the other hand, wholesale prices of coffee, tea, cocoa and spices rose 26 per cent, while non-ferrous ores and metals and semi-finished metal products showed a 24 per cent jump in wholesale prices. “Sugar, confectionery and bakery products (+9.9%), waste and scrap (+8.3%) and metals and metal ores (+6.2%) were also more expensive at the wholesale level than a year earlier,” according to Destatis.
Wholesale prices fell 0.8 per cent year-on-year in October, slower than the 1.1 per cent drop in September. Wholesale prices have been falling since May 2023, and the latest drop was the weakest in three months.
