By Scott Kanowsky
Investing.com — Germany’s producer price index fell for the third straight month in December, although that decline was less than expected as a recent decrease in energy costs slowed down significantly.
When compared to November, the measure of change in the price of goods sold by manufacturers in the country dropped by 0.4%, according to new data from Germany’s Federal Statistical Office. Economists had forecast a dip of 1.2%.
On an annual basis, producer prices for industrial products in Europe’s largest economy were 21.6% higher, down from 28.2% in the previous month. It was the lowest yearly reading since November 2021.
The cost of energy fueled the slight monthly downturn in the producer price index, Destatis said. Energy prices moved down by an average of 1.0% month-on-month, mainly due to easing costs for natural gas and petroleum products.
However, the decrease in energy prices was far smaller than the monthly declines of 9.6% in November and 10.4% in October.