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GERMAN DATA: September PPI Dragged Lower By Energy

GERMAN DATA
Data BulletEurozoneGermanyCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

German September PPI came in 0.3pp lower than expected at both the yearly and monthly measure, at -1.4% Y/Y (vs -0.8% prior) and -0.5% M/M (vs +0.2% prior).

  • Consistent with German CPI developments in September, energy moved further into deflationary territory, at -6.6% Y/Y (vs -4.6% prior).
  • That leaves ex-energy PPI unchanged vs August, at +1.2% Y/Y - the joint highest rate since August 2023.
  • Looking at the non-energy categories, non-durable and consumption goods both ticked up to +1.5% Y/Y (vs +1.0% prior). Their yearly rates also both run at their respectively highest rate since December 2023.
  • On Intermediate goods, the recent upward trend did not continue in September - its yearly rate declined slightly, to +0.5% Y/Y (vs +0.7% prior).
  • Investment and durable goods PPI inflation remained unchanged vs August, at +2.0% Y/Y and +0.9%, respectively.
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German September PPI came in 0.3pp lower than expected at both the yearly and monthly measure, at -1.4% Y/Y (vs -0.8% prior) and -0.5% M/M (vs +0.2% prior).

  • Consistent with German CPI developments in September, energy moved further into deflationary territory, at -6.6% Y/Y (vs -4.6% prior).
  • That leaves ex-energy PPI unchanged vs August, at +1.2% Y/Y - the joint highest rate since August 2023.
  • Looking at the non-energy categories, non-durable and consumption goods both ticked up to +1.5% Y/Y (vs +1.0% prior). Their yearly rates also both run at their respectively highest rate since December 2023.
  • On Intermediate goods, the recent upward trend did not continue in September - its yearly rate declined slightly, to +0.5% Y/Y (vs +0.7% prior).
  • Investment and durable goods PPI inflation remained unchanged vs August, at +2.0% Y/Y and +0.9%, respectively.