Germany Wholesale Price Inflation Eases

(RTTNews) - Germany's wholesale price inflation eased in May largely due to the reduction in the energy tax on mineral oil products, data from Destatis showed Monday.

Wholesale prices increased 5.9 percent year-on-year in May after rising 6.3 percent in April.

Destatis said the war in the Middle East pushed up wholesale prices of energy products and raw materials, in particular. Mineral oil products prices surged 30.5 percent from the last year. But prices dropped 7.3 percent from April due to the reduced energy tax rate.

Further, wholesale of non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products advanced 36.1 percent in May.

On a monthly basis, wholesale prices dropped 0.6 percent in May, marking the first fall in five months. This reversed the 2.0 percent rise in April.