March 20, 2023 07:26 GMT
PPI Continues to Ease in Feb as Energy Prices Decline
GERMANY FEB PPI -0.3% M/M (FCST -1.4%); JAN -1.2%r M/M
GERMANY FEB PPI +15.8% Y/Y (FCST +14.5%); JAN +17.6%r Y/Y
- German factory-gate inflation cooled for a fifth consecutive month in February, albeit to a lesser degree than consensus expectations as prices fell by -0.3% m/m, easing by 1.8pp to +15.8% y/y.
- Underlying price pressures have slowed but remain expansive, with PPI ex. energy up +0.5% m/m and inching down by a slower 0.5pp to +10.2% y/y in February.
- On the month, prices accelerated slightly for all subcategories except for energy; intermediate goods (+0.1%), capital goods (+0.4%), consumer goods (+0.2%) and non-durable consumer goods (+0.9%).
- Note that January and February headline PPI will likely be revised down in the March release as the delayed effects of the electricity and gas price breaks will be taken into account but Destatis retrospectively.
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