BERLIN (dpa-AFX) - Germany's producer prices declined for the fourth straight month in October due to the decrease in energy prices, Destatis reported Monday.
Producer prices dropped 11.0 percent from a year ago in October, in line with expectations. The annual decline in September was 14.7 percent, which was the biggest fall since records began in 1949.
However, Destatis said the decline was largely attributed to the base effect as the war in Ukraine pushed up producer prices in August and September 2022.
On a monthly basis, producer prices slid 0.1 percent in October. The monthly fall also matched expectations.
Energy prices were down 27.9 percent annually due to sharp decrease in electricity prices. Due to lower prices of metals and basic chemicals, intermediate goods prices fell 4.6 percent.
Meanwhile, non-durable consumer goods prices rose 3.9 percent and capital goods prices gained 4.4 percent.
Excluding energy prices, producer prices were 0.2 percent higher than in October 2022 but 0.2 percent lower than in September 2023.
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