Germany witnessed a sharper decline in wholesale prices in August, primarily driven by reduced petroleum product costs, according to data from Destatis released on Thursday.
In August, wholesale prices fell by 1.1 percent compared to the same month last year, a notable increase from the 0.1 percent decrease observed in July. This marks the continuous decline in wholesale prices since May 2023, with the latest drop being the most significant in four months.
The data indicated a substantial 7.7 percent decrease in the wholesale prices of mineral oil products. Additionally, the costs of iron, steel, and semi-finished products decreased by 6.5 percent, while prices for chemical products fell by 5.8 percent.
On a month-over-month basis, wholesale prices decreased by 0.8 percent in August, reversing the 0.3 percent rise seen in July.
