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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
German July producer prices came in in line with expectations - both on a sequential and yearly comparison, falling 0.8% Y/Y (-1.6% prior) and increasing 0.2% M/M (+0.2% prior).
- Looking at the individual categories, energy base effects continue to taper off (-4.1% Y/Y, highest rate since June 2023 vs -5.9% prior). Note that despite the fading base effects, if energy prices stayed constant at their July level they would still not be positive until April 2025.
- Intermediate goods inflation printed in positive territory for the first time since April 2023 (+0.3% Y/Y vs -0.9% prior) in another sign that the trend of gradually lower goods contributions to overall headline CPI will fade off (as it has already started to). Intermediate goods prices are now almost 1.5% above their recent trough seen in November 2023.
- Investment goods inflation meanwhile continued to taper off, coming in at +2.0% Y/Y (vs +2.3% prior, lowest rate since August 2021).
- There was meanwhile no change since last month in the yearly rates of durable, non-durable, and consumption goods categories.
| German PPI Metrics | Jul % Y/Y | Jun % Y/Y |
| Investment Goods | 2.0% | 2.3% |
| Intermediate Goods | 0.3% | -0.9% |
| Durable Goods | 0.7% | 0.7% |
| Non-Durable Goods | 0.6% | 0.6% |
| Consumption Goods | 0.6% | 0.6% |
| Energy | -4.1% | -5.9% |
| Total | -0.8% | -1.6% |
MNI, Destatis
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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