German producer prices decline in Oct. ’24

Germany’s producer prices for industrial products dropped by 1.1 per cent in October 2024 compared to the same month last year, marking a slight improvement from September’s 1.4 per cent decline, according to data released on Wednesday. Month-on-month, prices rose marginally by 0.2 per cent.

The year-on-year decrease was driven by a 5.6 per cent drop in energy prices, although energy costs rose 0.6 per cent from September. Natural gas prices were down 10.1 per cent year-on-year but increased 1.1 per cent month-on-month, while electricity costs fell 7.3 per cent annually but edged up 0.5 per cent monthly.

Excluding energy, producer prices rose 1.3 per cent from October 2023, with capital goods up 2.0 per cent and non-durable consumer goods 1.9 per cent higher. Intermediate goods prices increased 0.4 per cent annually, but metals and basic chemicals saw declines of 0.4 per cent and 1.6 per cent, respectively.

The data reflects mixed price movements across sectors, highlighting the ongoing impact of energy prices on industrial costs.

Attribution: the Federal Statistical Office of Germany (Destatis)

Subediting: M. S. Salama