Germany’s wholesale prices fell at slowest pace in 3 months

ISTANBUL

Germany’s wholesale prices fell 0.8% year-on-year in October, the slowest pace in three months, said German statistical office Destatis on Friday.

The figure eased from a 1.6% decline in September and marked the 18th consecutive month of decline, the data showed.

Mineral oil products' wholesale prices fell 11.5% on an annual basis, which was cited as the main driver in the overall decline.

Meanwhile, wholesale prices of iron, steel, and ferrous semi-finished metal products saw a downturn of 5.3%, computer and peripheral equipment 4.9%, and chemical products 4.6%.

At the same time, wholesale prices of coffee, tea, cocoa, and spices rose 26% while non-ferrous ores and metals and semi-finished metal products showed a 24% jump in wholesale price.

“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,” said Destatis.

On a monthly basis, wholesale prices climbed 0.4% in October following a 0.3% decline in September.