BERLIN, July 13 (Xinhua) — Selling prices in Germany’s wholesale trade in June fell by 0.6 percent year-on-year, marking the 14th decline in a row, the country’s Federal Statistical Office (Destatis) said Friday.
Europe’s largest economy saw its wholesale prices continue to drop since last year as prices were normalizing after high inflation and the energy crisis, although the decline diminished gradually in recent months.
According to Destatis, prices for chemical products as well as iron and steel products saw the sharpest declines in June, falling by around 10 percent year-on-year each. While prices for coffee, sugar, fruits and vegetable saw rises.
The inflation rate, for which wholesale prices are an early indicator, meanwhile slowed to 2.2 percent last month in Germany. The harmonized consumer price index calculated according to European standards also fell to 2.5 percent.
At the beginning of June, the European Central Bank (ECB), which is aiming for inflation of 2 percent in the eurozone, initiated a turnaround in key interest rates. They were, for the first time, lowered by 25 basis points after a series of hikes.
In its latest forecast, the European Commission expects inflation in the eurozone to slow to an average of 2.5 percent this year and further to 2.1 percent in 2025.
