Germany's wholesale prices down in November

ISTANBUL

Germany's wholesale prices were down by 3.6% in November on a yearly basis, the country's statistical authority revealed on Tuesday.

The price decline was mainly due to the base effect originating from the large price increases last year related to the Russia-Ukraine war, according to the Federal Statistical Office (Destatis).

Wholesale prices decreased slightly by 0.2% in November versus October.

Destatis said: "The steep drop in prices in the wholesale of mineral oil products (-13.9%) had the biggest impact on the overall development of wholesale prices in November 2023 compared with November 2022.

"By contrast, wholesale prices for fruit, vegetables and potatoes (+14.8%), and sugar, confectionery and bakery products (+10.1%) were higher than in November 2022."