German producer prices fell more than forecast in October

According to the report from Federal Statistical Office (Destatis), in October 2019 the index of producer prices for industrial products decreased by 0.6% compared with the corresponding month of the preceding year. Economists had expected a 0.4% decrease. In September 2019 the annual rate of change all over had been -0.1%. Compared with the preceding month September 2019 the overall index fell by 0.2% in October 2019 (+0.1% in September 2019).

Energy prices as a whole decreased by 3.1% (-0.1% compared to September 2019). On an annual basis prices of petroleum products decreased by 10.1% and prices of natural gas (distribution) by 8.8% whereas prices of electricity rose by 3.4%.

The overall index disregarding energy was 0.3% up on October 2018 and decreased by 0.2% compared to September 2019.

Prices of intermediate goods decreased by 1.7% compared to October 2018. This was the greatest price decline on an annual basis since July 2016 (-2.1% on July 2015). Compared with September 2019 prices of intermediate goods fell by 0.7% in October 2019. 

Prices of durable consumer goods were up 1.4%, prices of capital goods increased by 1.5%. Prices of non-durable consumer goods increased by 2.3% compared to October 2018 (+0.2% on September 2019). Food prices were up 3.0%.