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Germany Wholesale Prices Fall Most In 3 Years

Germany's wholesale prices declined at the fastest pace in three years in August, data from Destatis showed Friday.

Wholesale prices decreased 1.1 percent year-on-year in August, the biggest fall since August 2016.

Prices had dropped 0.1 percent in July, which was the first fall since September 2016.

The annual fall was largely driven by a 6.1 percent drop in wholesale prices of petroleum products. Meanwhile, food, beverages and tobacco prices gained 0.7 percent.

On a monthly basis, wholesale prices fell 0.8 percent in August, following July's 0.3 percent decrease.

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