Germany October PPI -4.2% vs +0.9% m/m expected

• Prior +2.3%
• PPI +34.5% vs +41.5% y/y expected
• Prior +45.8%

Producer prices in Germany slowed down considerably on the month, marking the first monthly drop since May 2020. The drop is largely caused by a fall in energy prices, which declined by an average of 10.4% on the month. If you strip out energy, producer prices were still seen up 13.7% year-on-year, as compared to the 14.0% increase in September.