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German wholesale price rise slows in October
Global Banking & Finance Review®
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BERLIN (Reuters) -Germany’s wholesale prices grew in October at their slowest rate since the start of the war in Ukraine, rising 17.4% year on year, although the cost of many raw materials and intermediate products remained high, according to data released on Tuesday.
BERLIN (Reuters) -Germany’s wholesale prices grew in October at their slowest rate since the start of the war in Ukraine, rising 17.4% year on year, although the cost of many raw materials and intermediate products remained high, according to data released on Tuesday.
Wholesale prices had risen by 19.9% year on year in September.
In April, after Russia’s invasion of its neighbour sent raw material prices sky high, wholesale prices rose by 23.8% on the year – their sharpest increase since the statistics series began in 1962.
The main driver of the price increases in October was a 41.5% year-on-year rise in the price of wholesale petroleum products, the office said.
On the previous month, wholesale prices fell by 0.6% in October, partly because petroleum products became cheaper to buy, the federal statistics office said. In September, wholesale prices were up 1.6% month on month.
The office offers more detailed economic data on its website.
(Reporting by Rene Wagner and Rachel More; Editing by Maria Sheahan and Miranda Murray)
Wholesale price refers to the cost at which goods are sold in bulk to retailers or other businesses, before retail markup. It is a key indicator of inflation and economic trends.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured by the Consumer Price Index (CPI) or the Wholesale Price Index (WPI).
Raw materials are the basic, unprocessed materials used in the production of goods. They are essential inputs in manufacturing and can significantly impact wholesale prices.
A price index measures the average change over time in the prices paid by consumers for a basket of goods and services. It is used to assess inflation and economic stability.
Economic growth refers to the increase in the production of goods and services in an economy over a period of time, typically measured by Gross Domestic Product (GDP).
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