Data published by the Federal Statistical Office (Destatis) showed that in November, producer prices rose by 0.5% (the sharpest increase since April 2023) after rising by 0.2% in October. It was the 9th increase since the beginning of 2024. Economists had expected an increase of 0.3%. In annual terms, producer prices rose by 0.1% after falling by 1.1% in October. This marked the first increase since June 2023. Consensus estimates suggested a 0.3% drop.
Destatis said that higher capital goods prices were the main reason for the year-on-year increase in producer prices. Non-durable consumer goods, durable consumer goods and intermediate goods were also more expensive than in November 2023, while energy was less expensive. When energy prices are excluded, producer prices were up 1.3% per annum and were down 0.1% compared with October.
Intermediate goods prices rose by 0.4% per year, but fell by 0.3% compared to October. The prices of non-durable consumer goods increased by 2.4% per annum and by 0.4% m/m. Food was 2.8% more expensive than in November 2023. Durable consumer goods cost 0.9% more in November than a year earlier, but remained unchanged on a monthly basis. Capital goods prices rose by 1.9% year on year and were unchanged from October.