Producer prices in Germany fell by 14.7% annually in September. This is proven by data German Federal Statistical Office (Destatis).
It is stated that this is the strongest decline in the indicator in the entire observation history since 1949. Producer prices fell 12.6% in August; Respondents to the Trading Economics survey had expected this decline to accelerate to 14.2% in September.
Electricity prices across all consumer groups last month fell by 46.2% compared to September 2022, according to Destatis. The cost of intermediate goods fell 4.2%, including metals by 11.2%, fertilizers and nitrogen by 42.9%, and wood by 20.8%.
In addition, non-durable goods prices increased by 5.3 percent and food prices increased by 5.5 percent.
Before that, Steffen Kotre, representative of the Alternative for Germany party, member of the parliamentary committee on economy and energy statedGermany needs to use the Nord Stream 2 branch that survived the explosion to supply Russian gas to ensure the competitiveness of domestic producers.
British The Economist previously in the name Germany is the “weakest link” of the EU. The reasons for the decline are rising energy prices and high inflation. At the same time, international organizations predict an acceleration in the growth of the Russian economy. The UN predicts a 2.2 percent increase in GDP in 2023 and a 2 percent increase in 2024. According to the IMF, growth is expected to be 1.5 percent in 2023 and 1.3 percent in 2024.
Previously in Germany will return Coal power plants are being put into operation due to energy shortage.