German producer prices rose in December but at slower pace

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BERLIN (Reuters) – German producer prices rose in December at a slower rate than the previous month, as inflation eases in Europe’s largest economy due in part to lower energy prices, according to data released on Friday.

Producer prices of industrial products rose 21.6% on the same month last year, the federal statistics office reported, compared with analysts’ expectations for the rate of increase to ease to 20.8%.

In November, producer prices rose 28.2% year-on-year.

Compared with the previous month, prices fell 0.4%, less strongly than the consensus for a drop of 1.2%. This was the third consecutive monthly fall, as energy prices ease.

The month-on-month decline in December was driven by a 1.0% dip in energy prices, due to easing prices for natural gas and mineral oil products. In November, energy prices had fallen by 9.6 % compared with October.

Over the whole of 2022, producer prices for industrial products increased by 32.9% compared to 2021.

“This was the highest price increase since the start of the survey in 1949,” the office said.

The statistics office offers more details on producer prices on its website.

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