German wholesale prices saw a decrease of 2.6% in December 2023, compared to the same month the previous year, Statistisches Bundesamt (Destatis) data has revealed.
On a month-on-month basis, prices were 0.6% lower in December compared to November 2023.
Continuing the trend from previous months, a significant factor contributing to the decline in wholesale prices was the substantial decrease in prices for petroleum products. In December 2023, prices for these products dropped by 9.8% compared to December 2022 and 4.6% compared to November 2023.
Elsewhere, wholesale prices in grain, raw tobacco, seeds, and animal feed decreased 19.7% in the month compared to the previous year.
Chemical products, ores, metals, and semi-finished metal products experienced a combined decrease of 19.0%, while wholesale prices for scrap materials and residues declined by 7.6%, the data showed.
Food prices rise
At the same time, food wholesale prices for fruits, vegetables, and potatoes rose by 13.9% in December 2023 compared to the same month in 2022. Wholesale prices for sugar, confectionery, and bakery products increased by 8.9%.
Higher prices were also observed in the wholesale trade of beverages (7.1%) and tobacco products (5.8%).
Average wholesale selling prices
The average wholesale selling prices for the year 2023 experienced a decrease of 0.5% when compared to the previous year, with notable impacts from decreased prices in mineral oil products (-14.3%), scrap materials and residues (-24.8%), and grain, raw tobacco, seeds, and animal feed (-18.8%).
Conversely, certain sectors, including the wholesale trade of live animals (+20.2%), fruits, vegetables, and potatoes (+19.8%), as well as sugar, confectionery, and bakery products (+16.0%), saw an increase in prices.
