German wholesale prices post first fall in over 1.5 years

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BERLIN, Aug 15 (Reuters) – German wholesale prices fell by 0.4% in July compared with the previous month, the first decline since Oct. 2020, the Federal Statistical Office reported on Monday.

This was driven partly by price developments in grain, raw tobacco, seeds and feedstuffs, which were 8.4% cheaper month-on-month in seasonally adjusted terms, the office said.

Prices for ores, metals and semi-finished metal products were down 4.9%, and scrap and residual materials were 2.7% cheaper.

Year-on-year, the increase in German wholesale prices eased for the third consecutive month, rising in July by 19.5%, the statistics office said.

Inflationary pressure driven largely by the war in Ukraine has cooled off somewhat since April, when wholesale prices surged by 23.8% on the same month last year, the strongest annual increase since calculations began in 1962.

(Reporting by Kirsti Knolle and Rachel More; Editing by Maria Sheahan)

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