German wholesale prices fall for 1st time since 2020

Ankara Germany’s wholesale prices in April decreased for the first time since the end-2020, official data revealed on Monday. The selling prices in wholesale trade fell 0.5% year-on-year in April, returning to decrease after 27 consecutive months of hike, the Federal Statistical Office (Destatis) data showed. This was mainly due to a 15.7% annual drop in mineral oil products’ prices, it said. “Also scrap and residual materials (down 31.5 %), cereals, raw tobacco, seeds and feedstuff (down 25.2%), ores, metals and semi-finished metal products (down 20.5%) and chemical products (down 5.4%) had a large impact on the annual rate of change in April 2023,” it added.—APP