German Producer Prices Fall For Sixth Straight Month

(RTTNews) - Germany's producer prices declined for the sixth straight month in August on falling energy prices, Destatis reported Friday.

Producer prices registered an annual fall of 2.2 percent after declining 1.5 percent in July. Prices have been falling since March. The decline was also sharper than the expected 1.8 percent fall.

Month-on-month, the decline in producer prices deepened to 0.5 percent from 0.1 percent in July.

Lower energy prices were the major reason for the annual decline in producer prices. Excluding energy, producer prices advanced 0.8 percent.

Producer prices of energy and intermediate goods decreased 8.5 percent and 1.0 percent, respectively. Partially offsetting these decreases, non-durable goods prices advanced 3.3 percent.

Prices of investment goods moved up 1.8 percent and durable goods prices climbed 1.7 percent, data showed.