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Germany producer price inflation eased for the third straight month in July, data from Destatis showed Tuesday.

Producer prices increased 1.1 percent year-on-year in July, slower than the 1.2 percent expansion in June. This was the third consecutive slowdown and the lowest rate since late 2016.

Electricity prices contributed the most to annual growth. Electricity prices surged 8.4 percent. Excluding energy, producer prices gained only 0.7 percent from the same period last year.

On a monthly basis, producer prices gained 0.1 percent in contrast to a 0.4 percent decrease in June. This was the first increase in three months.