BREAKING: Germany reports 11% drop in PPI 📌

German PPI for November:

Germany reported a significant decrease in producer prices for commercial products in Germany. In October 2023, these prices were 11.0% lower compared to October 2022. This decline is the most substantial year-on-year decrease since the survey began in 1949, following a -14.7% change in September 2023 compared to the previous year. This trend is largely attributed to a base effect from the unusually high price levels in 2022, influenced by the war in Ukraine, which saw a record increase in producer prices in August and September 2022 (45.8% each, compared to the same months in the previous year). In October 2022, the increase had slightly slowed to 34.5%. Additionally, there was a modest month-on-month decrease of 0.1% in producer prices in October 2023.