Ekonomické zprávy

German producer price growth slowed sharply in March

Data published by the Federal Statistical Office (Destatis) showed that in March, producer price growth slowed down again (for the 6th month in a row), recording the slowest rate of increase since May 2021.

According to the report, the producer price index increased by 7.5% per annum after a rise by 15.8% per annum in February. Economists had expected an increase by 9.8% per annum. On a monthly basis, producer prices fell by 2.6%, accelerating compared to February (-0.3%). Consensus estimates suggested a 0.5% drop.

Destatis said that the year-on-year growth was caused by the prices of energy, non-durable consumer goods, intermediate goods, durable consumer goods and capital goods. Also for the decrease of producer prices on a monthly basis the development of energy prices is the main reason.

Energy prices as a whole increased by 6.8% per annum. Natural gas prices (distribution) were up 19.1% from March 2022. Electricity prices across all customer groups left unchanged compared to March 2022. Prices of mineral oil products were down 18.4% from March 2022 and decreased by 2.3% from February.

The producer price index excluding energy increased by 7.9% per annum and by 0.2% on a monthly basis.

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