Germany's producer prices down by 1.6% in June

ISTANBUL

Germany's producer prices decreased by 1.6% year-on-year in June, after 2.2% decline in May, the federal statistical authority Destatis revealed on Friday.

Lower energy prices continued to be the main reason for the decline in producer prices, it stated.

Energy prices in June 2024 were down 5.9% versus June 2023.

Excluding energy prices, producer prices rose by 0.3% in June 2023 on a yearly basis.

"Intermediate goods were also less expensive than in June 2023, whereas higher prices had to be paid for consumer and capital goods," it added.

Meanwhile, producer prices were up by 0.2% on a monthly basis, it stated.