German producer prices fall more than expected

Germany wholesale price deflation accelerated more than expected in April, according to figures released by Destatis, the Federal Statistical Office, on Tuesday.

The producer price index fell at an annual rate of 3.3% last month, after a 2.9% decline in March.

This was the 10th straight month of falling prices and lower than the consensus forecast for a year-on-year fall of 3.2%.

Lower energy prices continued to be the main reason for overall wholesale price deflation, with costs falling 8.2% as electricity and gas prices dropped 14% and 18% respectively.

Excluding energy, the producer price index was down just 0.6% lower than last year.