According to the report from the Federal Statistical Office (Destatis), wholesale prices rose by 0.3% in July, offsetting the June decline (-0.3%) and recording the strongest increase since April. Economists had expected a 0.2% increase. In annual terms, wholesale prices fell by 0.1% after declining 0.6% in June. It was the 15th fall in a row, but the weakest in this series.
Destatis stated that the drop in prices in the wholesale of chemical products (-8.4% per annum) had the biggest impact on the overall development of wholesale prices. On a monthly basis, prices of chemical products fell by 0.4%. The drop in prices was also recorded for live animals (-9.5%), iron, steel and ferrous semi-finished metal products (-7.7%) and computers and peripheral equipment (-5.5%). The data also showed that the wholesale prices rose for coffee, tea, cocoa and spices (+19.5%), non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products (+15.4%). The prices of waste and scrap (+15.2%), sugar, confectionery and bakery products (+9.5%) and tobacco products (+4.7%) also increased compared to July 2023.