As reported by Germany's Federal Statistical Office (Destatis), in March this year the producer prices of industrial products in Germany fell by 0.2 percent compared to February this year and were up 0.4 percent compared to March 2012, while year-on-year increase rates of 1.2 percent and 1.7 percent had been recorded in January and February this year respectively. According to Destatis, a lower annual rate was recorded for the last time in March 2010 with a decline of 1.5 percent.
For the first time since May 2010, producer prices for energy were below the level of the previous year and thus had a dampening effect on the annual inflation rate overall. Energy was 0.2 percent cheaper in March this year than in March 2012. Excluding energy, producer prices of industrial products in Germany increased by 0.7 percent in March of the current year compared to March 2012 and were stable compared to February.
German producers' prices for basic metals in March this year, however, were lower by 3.5 percent year on year and were down 0.6 percent from February this year. In March, German producers' rolled steel prices were up 0.3 percent over February this year and fell by 4.1 percent compared to the same month of 2012, continuing the downward movement on year-on-year basis seen since the beginning of last year. Meanwhile, in March rebar prices in Germany were 12.3 percent cheaper on year-on-year basis, while rebar prices fell by 0.4 percent compared to February.