Economic Buzz: Germany Industrial Production Contracts In August

7 Oct 2022 , 02:41 PM

Germanys industrial production declined more than expected in August as raw material shortages and supply chain bottlenecks continued to dampen the functioning of many industries, official data showed. Industrial output dropped 0.8 percent on a monthly basis in August after remaining flat in July, Destatis said. On a yearly basis, industrial production grew 2.1 percent, reversing a 0.8 percent drop in July. Another report from Destatis showed that retail sales decreased more than expected in August. In real terms, retail sales eased 1.3 percent from July compared to the expected drop of 1.1 percent. Year-on-year, retail sales eased 4.3 percent, in line with expectations. In August, import price inflation accelerated to the highest since March 1974 due to the surge in energy prices, Destatis said in a separate communique. Import prices advanced 32.7 percent annually in August, following a 28.9 percent rise in July. Month-on-month, import price inflation rose to 4.3 percent from 1.4 percent. At the same time, export price inflation came in at 18.6 percent, up from 17.0 percent in July. On a monthly basis, export prices were up 2.1 percent after rising 2.0 percent a month ago.Powered by Commodity Insights