German wholesale prices dip 3.0% in March ’24

German wholesale selling prices were down by 3.0 per cent in March 2024 compared to the same month in the previous year, according to the Federal Statistical Office (Destatis).

This follows a similar trend observed in February and January 2024, with year-on-year changes of -3.0 per cent and -2.7 per cent, respectively. However, there was a slight increase of 0.2 per cent in wholesale prices from February to March 2024.

The most significant factor in the overall decrease in March 2024 was a 3.3 per cent drop in the wholesale trade of petroleum products compared to March 2023. Despite this, petroleum product prices saw a 0.7 per cent increase compared to February 2024.

Other sectors that experienced a year-on-year decrease include cereals, raw tobacco, seeds, and animal feed (-19.8 per cent), ores, metals, and semi-finished metal products (-13.6 per cent), chemical products (-13.1 per cent), and scrap and residues (-6.4 per cent).

Conversely, some sectors saw an increase in prices compared to March 2023. These include the wholesale trade of tobacco products (5.8 per cent), fruits, vegetables, and potatoes (4.4 per cent), and beverages (4.2 per cent).