German producer prices rise less than expected in November

BERLIN, Dec 20 (Reuters) – Germany’s producer price index eased in November for the second month in a row, adding to signs that high inflation could be waning in Europe’s largest economy as the cost of energy products fell, according to data released on Tuesday .

Producer prices of industrial products rose 28.2% on the same month last year compared with a 34.5% year-on-year rise in October, the Federal Statistical Office reported. Analysts had forecast a November reading of 30.6%.

Compared with October 2022, prices fell 3.9%, which was below consensus for a drop of 2.5%.

Energy prices were down 9.6% on the previous month, driven mainly by easing costs for natural gas and electricity.

The office offers more detailed data on its website.

Reporting by Rachel More Editing by Miranda Murray

Our Standards: The Thomson Reuters Trust Principles.

.

Leave a Comment

Your email address will not be published. Required fields are marked *