According to the report from the Federal Statistical Office (Destatis), wholesale prices rose by 0.4% in April, accelerating compared to March (+0.2%) and recording the third increase in the last four months. Economists had expected a 0.1% increase. In annual terms, wholesale prices fell by 1.8% after falling 2.6% in March. It marked the 12th price reduction in a row.
Destatis stated that the drop in prices in the wholesale of chemical products (-17.9% per annum) had the biggest impact on the overall development of wholesale prices. On a monthly basis, prices of chemical products fell by 1.5%. The drop in prices (in annual terms) was also recorded in the wholesale of grain, unmanufactured tobacco, seeds and animal feeds (-12.2%), metals and metal ores (-7.2%), waste and scrap (-6.8%), and milk, milk products, eggs, edible fats and oils (-6.3%). By contrast, the wholesale prices rose for coffee, tea, cocoa and spices (+9.3%), sugar, confectionery and bakery products (+7.2%) and tobacco products (+5.0%).