FX: German Wholesale Prices Fall at Fastest Rate Since 1987
Frankfurt - German wholesale prices declined at their sharpest annual rate in almost 22 years, the Federal Statistical Office (Destatis) reported on Tuesday.According to Destatis, wholesale prices contracted 5.9% in the 12 months to January, sharper than the 4.2% contraction in the previous month, less than the 6.3% fall expected. January's contraction is the fastest noted since March 1987.
Month-over-month, wholesale prices fell 0.4% in January following the previous period's 3.2% slide, the statistics office added.Economists, however, had expected a fall of 2.0% in the month. Meanwhile, December's figure was revised down from an initial estimate of -3.0%.
The euro is currently trading up 0.69% on the day at 1.2664 USD.
Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca
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