According to the report from the Federal Statistical Office (Destatis), wholesale prices fell by 0.6% in December, accelerating compared to November (-0.2%) and recording the third monthly decline in a row. Economists had expected a 0.3% drop. In annual terms, wholesale prices fell by 2.6% after falling 3.6% in November. It marked the ninth consecutive period of decline.
Destatis stated that the drop in prices in the wholesale of mineral oil products (-9.8% per annum) had the biggest impact on the overall development of wholesale prices. On a monthly basis, prices for mineral oil products fell by 4.6%. The drop in prices (in annual terms) was also recorded in the wholesale of grain, unmanufactured tobacco, seeds and animal feeds (-19.7 %), chemical products (-19.0 %), metals and metal ores (-12.7 %), and waste and scrap (-7.6 %). Meanwhile, prices rose for fruit, vegetables and potatoes (+13.9 %), sugar, confectionery and bakery products (+8.9 %), beverages (+7.1 %) and tobacco (+5.8 %).
On an annual average in 2023, wholesale selling prices fell by 0.5 % compared with 2022. In particular, the drop in prices in the wholesale of mineral oil products (-14.3 %) had a significant impact on the change on the previous year.