ISTANBUL

Germany's wholesale prices rose by 1.3% on a yearly basis in March, a federal statistical office statement said on Tuesday.

The figure came after 1.6% and 0.9% increases in February and January, Destatis said.

The main reason for the year-on-year decrease in wholesale prices in March were higher prices in the wholesale of food, beverages and tobacco, with prices up 4.4% from March 2024, on average.

"The wholesale prices particularly of coffee, tea, cocoa and spices were much higher than a year earlier (+43.5%), as were the prices of sugar, confectionery and bakery products (+16.3%). Milk, milk products, eggs, edible fats and oils (+9.3%) were also considerably more expensive than in the same month a year earlier," it said.

"By contrast, the prices observed in the wholesale of computers and peripheral equipment were 5.6% lower than in March 2024. In the wholesale of iron, steel and ferrous semi-finished metal products, prices were down 5.4%, on average, compared with the same month a year earlier," Destatis added.

On a monthly basis, on the other hand, the wholesale prices decreased by 0.2% on a monthly basis in March, missing expectations of a 0.2% rise in the month.