In Germany, wholesale prices saw their first increase in four months this January. Despite this, they continued their downward trend compared to the same time last year, predominantly driven by a reduction in the cost of mineral oil products. These observations were reported in preliminary data from the German Federal Statistical Office, Destatis, on Friday.
The Wholesale Price Index experienced a slight growth of 0.1 percent compared to the previous month, in contrast to a revised decrease of 0.6 percent in December. While economists had predicted a drop of 0.4 percent, this marks the first monthly increase since September 2023, when wholesale prices experienced a slight 0.2 percent surge.
Year-on-year, wholesale prices showed a decrease of 2.7 percent, following a slightly lesser 2.6 percent drop in December. This decline marks the tenth consecutive monthly decrease. Specifically, the cost of mineral oil products reduced considerably by 7.2 percent in comparison to the previous year and fell by a further 1.6 percent compared to December.
