Germany's producer prices continued to decline in September albeit at a slower pace, Destatis said Monday.
Producer prices decreased 1.7 percent year-on-year in September, following a 2.2 percent drop in August. Prices have been falling since March.
Lower energy prices continued to be the main reason for the annual decline in prices. Energy prices dropped 7.3 percent due to lower natural gas cost.
Excluding energy, producer prices were up 0.9 percent from the last year but remained flat compared to August.
Capital goods prices were up 1.9 percent and non-durable consumer goods prices gained 3.2 percent. Prices of durable consumer goods were 1.8 percent more than a year ago. Meanwhile, intermediate goods prices eased 0.9 percent.
Month-on-month, producer prices slid 0.1 percent, while prices were expected to climb 0.1 percent. However, this was slower than the 0.5 percent decrease posted in August.
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