The producer prices of industrial products were 8.6 % lower in December 2023 than in December 2022. In November 2023, the year-on-year change rate was -7.9 %. The Federal Statistical Office (Destatis) also reports that producer prices in December 2023 dropped by 1.2 % from November 2023. On an annual average basis, industrial producer prices were 2.4 % lower in 2023 than in 2022. A higher year-on-year decline was last recorded in 2009 (-4.2 % on 2008). Producer prices remained at a high level in 2023, however, following the very pronounced increases registered in 2021 (+10.5 % on 2020) and 2022 (+32.9 % on 2021). In ... (full story)