ISTANBUL

Germany's wholesale prices fell 1.1% on an annual basis in August, according to the country's statistical bureau on Monday.

The figure followed a 0.1% yearly decline in July, data from Destatis showed.

August's annual decline was due to lower prices for mineral oil products (minus 7.7%).

Lower prices were seen across live animals (minus 8.3%), iron, steel and ferrous semi-finished metal products (minus 6.5%), and chemical products (minus 5.8%).

“By contrast, the wholesale prices of coffee, tea, cocoa and spices were higher (+19.6%) than in August 2023, as were the wholesale prices of non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products (+14.7%),” Destatis said.

On a monthly basis, German wholesale prices declined 0.8% in August.