The producer prices of German industrial products were 0.8% lower in July 2024 than in July 2023. In June 2024, the year-on-year change rate was -1.6%. The Federal Statistical Office (Destatis) also reports that producer prices in July 2024 were up 0.2% on June 2024.
In July 2024, lower energy prices continued to be the main reason for the year-on-year decline in producer prices, while higher prices had to be paid for consumer and capital goods.
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Slight price increase for intermediate goods
Intermediate goods prices were 0.3% higher in July 2024 than a year earlier, rising by 0.2% compared with the previous month. Different price trends were seen within the individual product groups.
Price increases compared with July 2023 were observed for stone, gravel, sand, clay and kaolin (+5.5%), mortar (+5.2%), plaster products for construction purposes (+3.3%) and lime (+2.0%).
Wood and products of wood and cork were 2.6% less expensive than in July 2023. Particle boards cost 12.0% less than in the same month of the previous year and fibre board prices were down 6.3%. Non-coniferous timber was 3.6% less expensive compared with July 2023, whereas coniferous timber cost 6.9% more than a year earlier.
Metals cost 2.0% less in July 2024 than in July 2023. The prices of basic iron, steel and ferro-alloys were also significantly lower (-9.0%) than in the same month a year earlier. The prices of bar steel declined by 6.9% year on year. By contrast, copper and semi-finished copper products cost 10.2% more compared with July 2023.
Paper and paper products were 1.8% less expensive than in July 2023 (+1.0% compared with the previous month). Newsprint cost 5.2% less than in July 2023; the prices of boxes and cartons made of corrugated paper or paperboard were down 3.5% year on year.
Price increases for capital goods, non-durable and durable consumer goods
Capital goods prices in July 2024 rose 2.0% year on year (0.0% compared with June 2024). Machinery cost 2.1% more than in July 2023.
Non-durable consumer goods cost 0.6% more in July 2024 than in July 2023 (-0.1% on June 2024).
Durable consumer goods were 0.7% more expensive in July 2024 than in July 2023. Compared with June 2024, the prices of durable consumer goods remained unchanged.
More information:
Destasis
www.destatis.de