Producer prices in Germany fell in July

In July 2024, producer prices in Germany decreased by 0.8% compared to July last year, according to the Federal Statistical Office Destatis. This trend has developed against the background of a sharp decline in energy prices, which fell by 4.1% in July.

Energy resources fell in price by 4.1%, including natural gas — by 12.3%, and electricity — by 9.2%. At the same time, the cost of intermediate goods increased by 0.3%, means of production — by 2%, vehicles — by 1.3%.

Nevertheless, non—durable consumer goods increased in price by 0.6%, and oil prices increased especially strongly - by 33%. Confectionery products have also become more expensive — by 21.5%. Consumer durables rose 0.7%.

If energy resources are not taken into account, producer prices in July 2024 still increased by 0.9% year-on-year. Interestingly, the monthly price increase was 0.2% and coincided with the June figure.