German producer prices declined at a faster-than-expected pace in August, figures from Destatis showed Monday.
Producer prices fell 1.7 percent year-over-year in August, following a 1.3 percent decrease in the previous month. Economists had forecast a 1.6 percent drop for the month. Producer prices have been falling since August 2013.
Excluding energy, producer prices dropped 0.5 percent annually in August and it edged down 0.2 percent from the prior month.
Energy prices alone slipped 1.2 percent in August from a year ago, largely due to the cheaper prices of petroleum products that plunged by 16.4 percent.
Prices in the consumer goods sector slid 1.5 percent in August and that for intermediate goods sector went down by 1.0 percent. Meanwhile, capital goods sector logged an increase of 0.8 percent.
Monthly, producer prices decreased 0.5 percent in August, exceeding economists’ expectations for a 0.3 percent fall. In July, the producer price index showed no variations.
The material has been provided by InstaForex Company – www.instaforex.com