Germany's industrial producer prices drop 4.4% in January 2024

11 Mar '24

1 min read

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In January 2024, Germany experienced a 4.4 per cent decrease in industrial producer prices compared to the previous year, with a slight 0.2 per cent rise from December 2023.
Energy prices dropped by 11.7 per cent.
Intermediate goods prices decreased by 3.7 per cent YoY, whereas non-durable consumer goods saw a price increase of 1.1 per cent.

Germany saw a 4.4 per cent decrease in the producer prices of industrial products in January 2024 compared to the same month in the previous year, according to the Federal Statistical Office (Destatis). January's data further highlights a marginal increase of 0.2 per cent in producer prices from December 2023, despite a continued year-on-year (YoY) downturn driven primarily by lower energy prices.

Energy prices saw an 11.7 per cent decrease from January 2023, showing a slight improvement over December's minus 15.1 per cent rate. Excluding energy, producer prices were down 0.5 per cent from the previous year yet increased by 0.3 per cent month-on-month, as per Destatis.

The prices of intermediate goods dipped by 3.7 per cent YoY in January 2024 but experienced a slight 0.2 per cent rise from December 2023. In contrast, consumer goods prices moved in the opposite direction. Non-durable consumer goods recorded a 1.1 per cent price increase compared to January 2023, marking the smallest YoY rise since May 2021. Prices for these goods also saw a modest increase of 0.1 per cent from the preceding month. Meanwhile, durable consumer goods prices climbed by 1.6 per cent YoY and 0.3 per cent from December 2023.

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