GERMAN DATA
German June producer prices came in in line with expectations on a yearly comparison, at -1.6% Y/Y, higher than May's -2.2% Y/Y as energy and intermediate goods deflation continue to fade. On a sequential basis, producer prices increased slightly more than expected, at +0.2% M/M (vs +0.1% cons; 0.0% prior).
- Looking at the individual categories, energy deflation came in at its highest yearly rate since June 2023 as base effects continue to drop out of the comparison.
- 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 has already started to). Intermediate goods printed at -0.9% Y/Y (vs -1.8% prior) - its highest rate since April 2023.
- Elsewhere, there was little change compared to the May print: investment goods, durable goods, non-durable goods, and consumption goods all had relatively similar yearly rates to last month (see table below).
| German PPI Metrics | Jun % Y/Y | May % Y/Y |
| Investment Goods | 2.3% | 2.4% |
| Intermediate Goods | -0.9% | -1.8% |
| Durable Goods | 0.7% | 0.7% |
| Non-Durable Goods | 0.6% | 0.4% |
| Consumption Goods | 0.6% | 0.5% |
| Energy | -5.9% | -6.4% |
| Total | -1.6% | -2.2% |
MNI, Destatis
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