Germany's producer prices experienced a significant decline in April, driven largely by lower prices for energy and intermediate goods, according to data released by Destatis on Tuesday.
Producer prices fell by 3.3 percent year-over-year in April, a steeper decline compared to the 2.9 percent drop in March. Economists had anticipated a 3.2 percent annual decrease.
Energy prices plunged by 8.2 percent compared to the same period last year, with lower prices for natural gas and electricity exerting the most substantial influence on this trend.
Excluding energy, producer prices decreased by 0.6 percent annually but increased by 0.3 percent from the previous month.
Intermediate goods prices saw an annual decline of 3.1 percent, primarily due to price reductions in paper and basic chemicals. In contrast, capital goods prices rose by 2.4 percent, while non-durable consumer goods prices increased by 0.3 percent. Durable consumer goods prices also edged up by 1.0 percent.
On a month-to-month basis, producer prices advanced by 0.2 percent, maintaining the same pace of growth observed in March and aligning with economists' expectations.