The producer prices of industrial products were 6.0% lower in July 2023 than in July 2022, when producer prices had soared as a consequence of the war in Ukraine. The decline is therefore largely due to a base effect. The Federal Statistical Office (Destatis) reports that the prices had last dropped year on year in November 2020 (-0.5% compared with November 2019). In June 2023, the year-on-year change rate was +0.1%. Compared with the previous month, producer prices were down 1.1% in July 2023.

The main reason for the year-on-year decline in producer prices were lower energy prices, but also decreases in the prices of intermediate goods. The prices of consumer and capital goods did not increase as sharply as in the previous months.

Source: Destatis
Post by: Republic of Türkiye Ministry of Trade