- PPI +1.2% vs +1.0% m/m expected
- Prior +2.5%
German producer prices moved up more than estimated in April, with the year-on-year estimate also reflecting a strong 1.7% increase. On the annual estimate, that is the highest since May 2023. Producer prices continue to ramp up amid higher energy prices, also showing some impact in spreading to other key categories.
Even if you exclude energy prices from the equation, German producer prices were still up by 0.7% compared to March.
Looking at the breakdown, energy prices rose by 2.4% on the month. In particular, mineral oil prices rose particularly sharply in April (+10.7%). Besides that, there were also increases in prices for capital goods (+0.3%) and intermediate goods (+1.2%). On the latter, prices for basic chemicals showed a notable increase on the month (+5.2%) with fertilizer prices in particular being much more expensive compared to March (+5.5%) and also relative to April last year (+8.4%).
