Germany’s producer prices decline in Sept. ’24

Germany’s producer prices for industrial products fell by 1.4 per cent in September 2024, compared to the same month in 2023, according to the Federal Statistical Office (Destatis).

Producer prices dropped by 0.5 per cent month-on-month from from August to September 2024. The primary driver of this decline was lower energy prices, which were 6.6 per cent lower than in September 2023 and 1.5 per cent lower than in August 2024.

Notably, mineral oil product prices fell by 14.4 per cent year-on-year and 4.5 per cent month-on-month. Heating oil and motor fuel prices also saw significant decreases.

Excluding energy, producer prices rose by 1.2 per cent year-on-year but dipped slightly by 0.1 per cent from August 2024. Intermediate goods prices increased by 0.5 per cent compared to September 2023 but fell by 0.2 per cent month-on-month.

Capital goods prices were up 2.0 per cent year-on-year, while non-durable consumer goods saw a 1.5 per cent increase.

Despite the overall decline, certain goods experienced price hikes. Electric transformers, construction materials, and wiring devices saw notable increases, while prices for wood products, metals, and basic chemicals generally declined.