The pressure on prices in Germany is noticeably decreasing. This is shown by the new data from November.
In the wholesale trade, prices increased much more slowly compared to the previous year, and they even fell compared to October.
Like producer prices, wholesale prices are important preliminary steps for prices that then reach consumers. The inflation rate is calculated from consumer prices.
Pressure on consumer prices in Germany is easing. This is what the new wholesale price data shows, that is, at an upstream level. Year on year, wholesale price inflation rose sharply in November. Compared to October, prices have fallen.
Wholesale prices in November were still 14.9% higher than a year ago. However, the rate of change was significantly lower than October at 17.4% and September at around 20%.
Compared to the previous October, wholesale prices even fell by 0.9% in November. The Federal Statistical Office announced that the last time there was a steeper fall in prices compared to the previous month was in April 2020, when it was minus 1.4%.“>”>
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Wholesale prices are still mainly driven by raw materials and intermediate products. Wholesale petroleum products had the biggest impact on the year-over-year rate of change, with prices up 30%.
Wholesale prices for solid fuels, live animals, foodstuffs such as milk, eggs and cooking oils and fats also rose sharply from the previous year. On the other hand, the wholesale prices of used materials and residues fell compared to the previous year.
In November 2022, wholesale prices for live animals (minus 5.1%), petroleum products (plus 4.4%) and used materials and residues (minus 4.1%) fell compared to October.