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Intermediate Goods Deflation Continues to Fade in May PPI

GERMAN DATA
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German May producer prices came in flat on the month, broadly in line with expectations of +0.1% (vs +0.2% prior). On a yearly comparison, energy base effects continue to fall out and most other categories remained at a broadly steady pace compared to last month for a total of -2.2% Y/Y (vs -2.0% cons; -3.3% prior).

  • Looking at the individual categories, energy deflation continues to decelerate, at -6.4% Y/Y (vs -8.2% prior; highest rate since July 2023).
  • The investment, non-durable, and consumption goods subcomponents remained broadly steady compared to April, coming in at +2.4% Y/Y, +0.4%, and +0.5%, respectively (vs priors of +2.4%, +0.4% and +0.5%).
  • Durable goods continued their disinflationary trend, printing +0.7% Y/Y (vs +1.0% prior), its lowest yearly rate since December 2010.
  • Intermediate goods deflation meanwhile continued to decelerate in a sign that the trend of gradually lower goods contributions to overall headline CPI will fade off (as it already started to recently). Intermediate goods printed at -1.8% Y/Y (vs -3.1% prior).

MNI, Destatis

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German May producer prices came in flat on the month, broadly in line with expectations of +0.1% (vs +0.2% prior). On a yearly comparison, energy base effects continue to fall out and most other categories remained at a broadly steady pace compared to last month for a total of -2.2% Y/Y (vs -2.0% cons; -3.3% prior).

  • Looking at the individual categories, energy deflation continues to decelerate, at -6.4% Y/Y (vs -8.2% prior; highest rate since July 2023).
  • The investment, non-durable, and consumption goods subcomponents remained broadly steady compared to April, coming in at +2.4% Y/Y, +0.4%, and +0.5%, respectively (vs priors of +2.4%, +0.4% and +0.5%).
  • Durable goods continued their disinflationary trend, printing +0.7% Y/Y (vs +1.0% prior), its lowest yearly rate since December 2010.
  • Intermediate goods deflation meanwhile continued to decelerate in a sign that the trend of gradually lower goods contributions to overall headline CPI will fade off (as it already started to recently). Intermediate goods printed at -1.8% Y/Y (vs -3.1% prior).

MNI, Destatis