Wholesale prices continue to fall in Germany

Wholesale prices in Germany continued to weaken due to the fall in energy prices in March.

According to data from the German Federal Statistical Office (Destatis), the wholesale price index in Germany rose 0.2 percent monthly and 2 percent annually in March. The index had risen 8.9 percent in February and 10.6 percent in January on an annual basis.

After the start of the war between Russia and Ukraine, the increase in wholesale prices reached 23.8 percent in April 2022.

“Wholesale prices fell for the sixth consecutive year in March, marking the lowest annual rate of increase since January 2021,” Destatis said in a statement.

MILK, EGG AND FAT PRICES RISE 19.6 PERCENT ANNUALLY

The statement indicated that the price increases in food, beverages and tobacco products were effective in the annual rise in wholesale prices, and that the prices of these products were on average 16.4 percent higher than those of March 2022.

While there was a 17.9 percent annual decline in petroleum products in March, the increase in meat and livestock prices was 20 percent and 37.6 percent, respectively, on a annual.

The prices of milk, eggs and cooking oil increased 19.6% year-on-year, and the prices of construction materials increased 19.8%.

Annual inflation, which was 8.7 percent in January and February, dropped to 7.4 percent in March due to falling energy prices. (AA)