Germany's producer prices declined at the fastest pace since mid-2016 largely due to easing energy prices, data published by Destatis revealed Friday.
Producer prices fell 1.9 percent year-on-year in April following a 0.8 percent fall in March. This was the third consecutive fall in prices.
A similar faster decrease was last seen in July 2016. Prices were expected to drop 1.8 percent.
On a monthly basis, producer prices were down 0.7 percent, slightly slower than the 0.8 percent drop seen in March.
Data showed that energy prices decreased 7.3 percent due to weak demand amid coronavirus pandemic. Intermediate goods prices slid 2.7 percent annually.
Meanwhile, prices of capital goods and durable consumer goods gained 1.2 percent and 1.5 percent, respectively. Non-durable consumer goods prices increased 2.8 percent from last year.
Excluding energy, producer prices edged down 0.1 percent from last year and by 0.3 percent from March 2020.