German Producer Prices Fall 7.9%, More Than Forecast

(RTTNews) - Germany's producer prices declined for the fifth straight month in November due to cheaper energy costs, Destatis reported Wednesday.

Producer prices dropped 7.9 percent year-over-year in November, slower than the 11.0 percent fall in October. Economists had expected a decline of 7.5 percent.

The overall decrease in November was largely attributed to a 21.4 percent plunge in energy costs.

Prices for intermediate goods were 4.1 percent lower compared to last year. Meanwhile, costs for consumer goods rose 3.7 percent amid higher food prices.

On a monthly basis, producer prices dropped 0.5 percent in November versus an expected fall of 0.3 percent.