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20.11.2020, 07:32

Germany's producer price index rose in line with forecasts

According to the report from the Federal Statistical Office, in October 2020, the index of producer prices for industrial products decreased by 0.7% compared with the corresponding month of the preceding year. In September the annual rate of change all over had been –1.0%. Compared with the preceding month September the overall index increased by 0.1% in October 2020 (+0.4% in September).

Energy prices as a whole decreased by 2.9%. On an annual basis, prices of petroleum products were down 16.0%, prices of natural gas (distribution) decreased by 5.2%.

The overall index disregarding energy was 0.1% up on October 2019.

Prices of intermediate goods decreased by 0.4% compared to October 2019. Prices of non-durable consumer goods decreased by 0.5% compared to October 2019. Food prices decreased by 1.3%. Pork prices were down 19.5% presumably due to the lockdown of food service industry in spring and to the ban on imports of German pork by China and other Asian countries starting in September. Compared to September prices of pork fell by 4.0%.

Prices of capital goods increased by 0.9% compared to October 2019, durable consumer goods by 1.4%.

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