Wholesale prices in Germany increased by 0.5 percent in July 2024 compared to the same month last year, according to data released Wednesday by the Federal Statistical Office (Destatis). While still an increase, the rise was less pronounced than the 0.9 percent recorded in June. Month-on-month, wholesale prices saw a slight decrease of 0.1 percent.
The primary driver of the annual increase was a rise in the cost of food and beverages, which increased by 3.5 percent year-over-year. Notably, coffee, tea, cocoa and spices experienced a substantial price increase of 16.0 percent. Sugar, confectionery and bakery products also grew in price, rising by 15.0 percent, alongside a 9.4 percent increase in the cost of meat and meat products. Dairy products, eggs, edible oils and fats saw a combined increase of 7.3 percent compared to July 2023. However, some relief was seen in the data for June, with live animals decreasing 2.4 percent, dairy, eggs, oils and fats declining 0.4 percent and meat products falling 0.1 percent.
Non-ferrous ores, metals and semi-finished products also contributed to the overall rise, increasing by 17.6 percent year-on-year, although prices decreased by 1.5 percent compared to June.
Conversely, solid fuels and mineral oil products were significantly cheaper than the previous year, down 5.7 percent, though they registered a 2.0 percent increase compared to June. Waste and scrap materials also saw a decline of 9.0 percent, while iron, steel and semi-finished products decreased by 5.6 percent year-on-year. Data processing equipment and peripherals decreased in price by 4.8 percent compared to July 2023.