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Germany producer prices ease in June as energy costs fall

Energy prices fell 1.8% month over month, helping offset higher annual producer inflation (+1.8%).

Reported · Written up by our desk · Economy

German producer prices declined in June, driven mainly by a drop in energy prices, according to Forexlive. On a month over month basis, producer prices eased, while the energy-related decline did most of the work.

Excluding energy, producer prices were still up 0.2% compared with May. In the monthly breakdown, energy prices fell 1.8% in June, with petroleum product prices down 7.4% versus the prior month.

On an annual basis, energy remained a positive contributor, with energy prices up 0.4% versus June last year that helped lift overall producer prices to +1.8% year over year. The report also cited intermediate goods prices rising 5.1% year over year, supported by higher metal prices (+11.8%) and higher basic chemicals (+12.9%).

Further details showed monthly increases for intermediate goods (+0.7%) and capital goods (+0.2%), while consumer goods were largely flat versus May.

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