German wholesale prices rise in December but at slower pace

A worker is seen at the wholesale fruits and vegetables market in Hamburg

BERLIN (Reuters) – Germany’s wholesale price index rose in December compared with the same month last year although at a slower pace than in previous months, according to data released on Monday.

Wholesale prices rose by 12.8% on the year, compared with a November reading of 14.9%, the federal statistics office reported. Wholesale price growth peaked in April, with a 23.8% year-on-year increase.

Compared with November 2022, the index saw a slight dip in December, falling 1.6%.

High wholesale prices are driven mainly by increased prices for raw materials and intermediate products. In December, the prices of mineral oil products rose 22.8% compared with December 2021, having the largest impact in the wholesale price index, Destatis said.

The office offers more detailed economic data on its website.

(Reporting by Miranda Murray, Paul Carrel and Maria Martinez; Editing by Maria Sheahan)