German Wholesale Prices Fall At Faster Pace

(RTTNews) - Germany's wholesale prices declined at a faster pace in August on lower petroleum product prices, data from Destatis revealed on Thursday.

Wholesale prices decreased 1.1 percent year-on-year in August, bigger than the 0.1 percent drop in July. Wholesale prices have been falling since May 2023 and the latest drop was the biggest in four months.

Data showed a 7.7 percent drop in wholesale prices of mineral oil products prices. Cost of iron, steel and semi-finished products fell 6.5 percent and chemical products prices dropped 5.8 percent.

On a monthly basis, wholesale prices slid 0.8 percent in August, reversing a 0.3 percent rise in July.