The German producer prices declined in April at the fastest pace since mid-2016, mainly due to the decline in energy prices, showed data released by statistical office Destatis.
Producer prices fell by -1.9% yoy in April after a fall of -0.8% in March. It was the third decline in a row.
The same rapid decline last seen in July 2016. It was predicted that prices will fall by -1,8%.
On a monthly basis, producer prices declined in April fell 0.7%, slightly slower than a drop of -0.8% in March.
, Data showed that energy prices decreased by -7,3% due to weak demand amid a pandemic of coronavirus . Intermediate goods prices decreased by -2,7% per annum.
At the same time, prices of capital goods and consumer durables rose 1.2% and 1.5% respectively. Prices of non-food consumer goods rose by 2.8% compared to last year.
Excluding energy, producer prices dropped 0.1% compared to the previous year and by 0.3% compared to March 2020.
Information-analytical Department TeleTrade