Steep declines in Germany's wholesale prices continued in October with selling prices dropping at the fastest pace in over three years, preliminary figures from the statistical office Destatis showed Wednesday.
The wholesale price index decreased 4.2 percent year-on-year after <a href=https://www.rttnews.com/3396620/germany-wholesale-prices-decline-at-fastest-pace-since-2020.aspx?refresh=1 target=_blank >a 4.1 percent fall in September.</a> The latest decline was the biggest since May 2020, when wholesale prices fell 4.3 percent, Destatis said.
Similar to recent months, the slump in wholesales prices was primarily due to a base effect originating from the large price increases in 2022 as a result of the war in Ukraine, the statistical office added. Wholesale prices were 0.7 percent lower compared to the previous month, defying economists' expectations for a 0.2 percent increase.
