According to the report from the Federal Statistical Office (Destatis), wholesale prices fell by 0.3% in June, offsetting the May increase (+0.1%) and recording the first decline in the last 4 months. The June drop also was the sharpest since December 2023. Economists had expected a 0.2% increase. In annual terms, wholesale prices fell by 0.6% after declining 0.7% in May. It was the 14th fall in a row, but the weakest in this series.
Destatis stated that the drop in prices in the wholesale of chemical products (-10.9%) had the biggest impact on the overall development of wholesale prices. On a monthly basis, prices of chemical products fell by 0.5%. The drop in prices was also recorded for iron, steel and ferrous semi-finished metal products (-9.7%), live animals (-5.5%) and computers and peripheral equipment (-5.4%). The data also showed that the wholesale prices rose for coffee, tea, cocoa and spices were higher (+13.9%), non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products (+12.7%). The prices of waste and scrap (+9.7%), sugar, confectionery and bakery products (+5.8%), fruit, vegetables and potatoes (+5.6%) and tobacco products (+5.1%) also increased compared to June 2023.