Germany's wholesale prices down in June

ISTANBUL

Wholesale prices in Germany dropped by 2.9% on a yearly basis in June and 0.2% on a monthly basis, official figures revealed on Friday.

According to the Federal Statistical Office (Destatis), the annual decline of 2.9% was the largest year-on-year decrease since June 2020.

"At -22.7%, the steep drop in prices in the wholesale of mineral oil products had the biggest impact on the overall development of wholesale prices in June 2023 compared with June 2022," Destatis said.

On a yearly basis, largest declines were seen in waste and scrap (-31.7%), grain, unmanufactured tobacco, seeds and animal feeds (-28.4%), and metals and metal ores (-20.8%).

Meanwhile, the prices for fruit and vegetables increased by 29.2%, live animals by 20.7%, and construction materials and mineral construction elements by 7.7%.