German producer prices decline more than expected in September

German producer prices fell more than expected in September, figures released on Tuesday showed.

According to data published by Destatis, the country’s statistical office, producer prices fell 0.4% month-on-month in September compared with a 0.5% decline in the previous month and with analysts’ expectations for a 0.2% decline.

On a year-on-year basis, producer prices fell 2.1% compared with a 1.7% decline in August, while economists expected a 1.8% decline.

Destatis said the bigger-than-forecast decline was driven by 1.1% month-on-month in energy prices, which fell 6.1% compared with the corresponding period last year.

Excluding energy prices, produces prices fell 0.1% month-on-month and 0.6% on a year-on-year basis.