German producer prices rise less than expected in March

FILE PHOTO: A crane operator lifts up a finished steel coil at the storage and distribution facility of the German steel maker in Duisburg, Germany, January 30, 2020. REUTERS/Wolfgang Rattay

BERLIN (Reuters) – German producer prices rose less than expected in March, posting the smallest year-on-year increase since June 2021, according to data released on Thursday.

Producer prices of industrial products were up 7.5% on the same month last year, the Federal Statistical Office reported.

A Reuters poll had indicated a rise of 9.8% year-on-year.

Energy prices were still mainly responsible for the year-on-year increase, up 6.8%. Excluding energy, producer prices rose 7.9% in March on the year.

Compared to February, prices fell by 2.6%, posting the sixth consecutive decline.

The statistics office said the results are preliminary and will have to be revised because a price brake on electricity and gas that comes into effect in March distorts calculations.

The office publishes more detailed data on its website.


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