German producer prices tick higher in July

German producer prices ticked higher in July, according to data from Destatis

The index of producer prices for industrial products was up 0.2% following a 0.4% increase in June and May. Economists had been expecting the index to nudge up 0.1%.

Compared to July 2015, the index of producer prices was down 2%, which was a touch less steep than the 2.1% drop pencilled in by economists.

Energy prices were the biggest driver, down 6.2% compared with July 2015, while prices of intermediate goods were down 1.8%.

Prices of non-durable consumer goods rose by 0.4%, while prices of capital goods and durable consumer goods were up 0.5% and 1.2%, respectively.

Excluding energy, German producer prices rose 0.2% on the month, but declined 0.5% on the year.