German producer price index remained unchanged in June

According to the report from Federal Statistical Office (Destatis), in June 2020 the index of producer prices for industrial products decreased by 1.8% compared with the corresponding month of the preceding year. In May the annual rate of change all over had been –2.2%. Compared with the preceding month May the overall index remained unchanged in June 2020 (-0.4% in May).

Energy prices as a whole decreased by 6.2%. On an annual basis, prices of petroleum products were down 20.5%, prices of natural gas (distribution) decreased by 13.8%. However, prices of petroleum products increased by 5.5% compared to May 2020.

The overall index disregarding energy was 0.4% down on June 2019 and fell by 0.1% compared to May 2020.

Prices of intermediate goods decreased by 2.5% compared to June 2019. Prices decreased especially regarding basic iron, steel and ferro-alloys (-9.9%) and basic chemicals (-8.2%). Prices of cereal flour were down 3.0%. By contrast, prices of precious metals increased by 21.7% compared to June 2019. Prices of ready-mixed concrete rose by 4.9%.

Prices of non-durable consumer goods increased by 0.6% compared to June. Food prices were up 0.4% on June 2019. The price of sugar increased by 17.6%. Prices of meat and poultry meat products rose by 5.7% though the prices fell by 3.9% compared to May 2020. Butter prices were down 16.4% compared to June 2019.

Prices of capital goods increased by 1.2% compared to June 2019, durable consumer goods by 1.5%.