German Producer Prices Fall Most In 8 Months

(RTTNews) - Germany's producer prices declined at the fastest pace in eight months in May, Destatis reported Friday.

Producer prices slid 1.2 percent year-on-year in May, bigger than the 0.9 percent fall in April. The pace of decline matched expectations.

This was the biggest fall since September, when prices were down 1.4 percent.

Lower energy prices were the main reasons for the annual decline in producer prices. Excluding energy prices, producer prices gained 1.3 percent from the previous year.

Energy prices declined 6.7 percent on a yearly basis in May. Meanwhile, capital goods prices were up 1.9 percent and non-durable consumer goods grew 3.6 percent. Durable consumer goods prices rose 1.6 percent.

At the same time, intermediate goods prices were 0.2 percent lower than a year earlier.

On a monthly basis, the decline in producer prices slowed to 0.2 percent from 0.6 percent. Prices were expected to decrease 0.3 percent.