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- Germany's producer price index fell more than forecast in April
Germany's producer price index fell more than forecast in April
According to the report from Federal Statistical Office (Destatis), in April 2020 the index of producer prices for industrial products decreased by 1.9% compared with the corresponding month of the preceding year. Economists had expected a 1.8% decrease. In March the annual rate of change all over had been -0.8%.
Compared with the preceding month March the overall index fell by 0.7% in April 2020 (-0.8% in March). Economists had expected a 0.6% decrease.
Energy prices as a whole decreased by 7.3% (-1.8% compared to March 2020). On an annual basis, prices of petroleum products were down 23.3%. They fell by 10.1% compared to March 2020. A great part of this decrease presumably is due to the fallen decline in demand during the Corona pandemic. Prices of natural gas (distribution) decreased by 13.0% whereas prices of electricity fell by 2.0%.
The overall index disregarding energy was 0.1% down on April 2019 and fell by 0.3% compared to March 2020.
Prices of intermediate goods decreased by 2.7% compared to April 2019 (-0.5% on March 2020). Prices of non-durable consumer goods increased by 2.8% compared to April 2019 (-0.2% on March 2020). Food prices were up 3.8% on April 2019.
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