German produces prices decline at fastest pace since early 2010

German producer prices fell at the fastest pace since early 2010 in October, figures released on Friday showed.

According to figures released by Destatis, Germany’s statistical office, prices declined 2.4% year-on-year in October, the biggest drop since February 2010, compared with a 2.1% decline in the previous month and analysts’ expectations for a 2% drop.

The decline was driven by a 6.5% slump in energy prices, Destasis added. Excluding energy prices, producer prices slid 0.7% year-on-year.

On a month-on-month basis, producer prices fell 0.4% in October, maintaining the rate of decline registered in the previous month but falling short of expectations for a 0.2% drop.