Wholesale trade prices in Germany continued to weaken in March due to the fall in energy prices.
According to the data of the German Federal Statistical Office (Destatis), the Wholesale Price Index in Germany increased by 0.2 percent on a monthly basis and by 2 percent on an annual basis in March. The index had increased by 8.9 percent in February and 10.6 percent in January on an annual basis.
After the start of the Russia-Ukraine war, the increase in wholesale prices reached 23.8 percent in April 2022.
“Wholesale prices fell for the sixth consecutive month in March, marking the lowest annual rate of increase since January 2021,” Destatis said in a statement.
The price increase in food was 16 percent annually
In the statement, it was stated that the price increases in food, beverages and tobacco products were effective in the annual rise in wholesale prices, and that the prices of these products were on average 16.4 percent higher than in March 2022.
While there was a 17.9 percent decrease in petroleum products on an annual basis in March, the increase in meat and livestock prices was 20 percent and 37.6 percent on an annual basis, respectively.
Prices of milk, eggs, and cooking oil increased by 19.6 percent year on year, and the prices of building materials increased by 19.8 percent.
Annual inflation, which was 8.7 percent in January and February, declined to 7.4 percent in March due to the fall in energy prices.