Allemagne Changement des prix à la production

Producer prices in Germany increased by 0.7% year-on-year in February 2025, accelerating from January’s 0.5% but falling short of the market consensus of 1%. Still, it marked the fourth consecutive month of producer inflation, mainly boosted by higher prices of non-durable consumer goods (3.0%) and durable consumer goods (1.2%). Notably, costs of capital goods also climbed (2.0%), especially machinery (1.9%) and motor vehicles, trailers, and semi-trailers (1.4%). At the same time, prices of intermediate goods rose by 0.3%. Excluding energy, producer prices climbed by 1.4%. Meanwhile, energy prices shrank by 0.8%, mainly due to lower costs of natural gas (-2.7%) and district heating (-1.6%). By contrast, costs of electricity rose by 1.0%. On a monthly basis, the PPI unexpectedly fell by 0.2%, marking the third straight month of decline, following a 0.1% drop in January and missing consensus expectations of a 0.1% rise.