The producer prices of industrial products were 12.6% lower in August 2023 than in August 2022. This was the largest decline in producer prices compared with the same month a year earlier since data collection began in 1949. The development is mainly attributable to a base effect caused by the very high price level of the previous year. As a result of the war in Ukraine, the increase in producer prices in August 2022 (+45.8% from August 2021) was the highest ever registered since records began. The Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -6.0% in July 2023. Compared ... (full story)