German wholesale prices dropped by 1.1 per cent in August 2024, compared to August 2023, marking a sharper decline than July's 0.1 per cent and June's 0.6 per cent, according to data released on Thursday. On a month-to-month basis, wholesale prices fell by 0.8 per cent in August compared to July 2024. The decrease was driven primarily by lower prices for mineral oil products, which were down 7.7 per cent year-on-year and 3.1 per cent compared to July. Other significant declines included live animals by 8.3 per cent, iron, steel, and ferrous semi-finished metals by 6.5 per cent, and chemical products by 5.8 per cent. On the other hand, wholesale prices for coffee, tea, cocoa, and spices surged 19.6 per cent year-on-year, while non-ferrous metals and related products increased by 14.7 per cent. Waste and scrap prices rose by 14.4 per cent, with sugar, confectionery, and bakery goods up 9.3 per cent, and tobacco products rising 5.2 per cent. Attribution: The Federal Statistical Office (Destatis) Subediting: M. S. Salama
