German producer prices rose by 0.7% year-on-year in February 2025, up from 0.5% in January but still below market consensus of 1%. However, this was the fourth consecutive month of producer inflation, mainly driven by higher prices of non-durable consumer goods (3.0%) and durable consumer goods (1.2%).
In particular, capital goods costs also rose (2.0%), especially machinery (1.9%) and motor vehicles, trailers, and semi-trailers (1.4%). In addition, intermediate goods prices rose by 0.3%. Excluding energy, producer prices rose by 1.4%. Meanwhile, energy prices shrank by 0.8%, mainly due to lower costs of natural gas (-2.7%) and district heating (-1.6%). In contrast, electricity costs rose by 1.0%. On a monthly basis, PPI unexpectedly fell by 0.2%, following a 0.1% decline in January, missing consensus of a 0.1% increase.
Source: Trading Economics
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