Germany's producer prices down more than expected in April

ISTANBUL

Producer prices in Germany fell by 0.9% on an annual basis in April, more than forecasts of a 0.6% decline, according to official data released on Tuesday.

The figure followed a drop of 0.2% in the previous month, Destatis data showed.

Lower energy prices were the main reason for the 0.9% year-on-year decline in producer prices, Destatis said.

Energy prices in April fell by 6.4% year-on-year, while energy-excluded producer prices rose by 1.5%.

Non-durable and durable consumer goods, capital goods, and intermediate goods were all more expensive in April than in the same month of the previous year.

Capital goods prices in April were 2% higher than a year earlier, non-durable consumer goods prices climbed 3.2%, and durable consumer goods prices went up 1.4%.

Meanwhile, producer prices dropped by 0.6% on a monthly basis in April, following a 0.7% decline in March.

The markets had estimated that the prices would fall by 0.3% on a monthly basis for the month.