German producer prices rise less than expected in March
2023.04.20 03:14
© Reuters. 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.
