Sanaa: The Federal Statistical Office (Destatis) reported that producer prices of industrial products increased by 1.8% in June compared to the same month last year, marking the third consecutive monthly rise.

According to Anadolu Agency, the annual increase in producer prices was primarily driven by a 5.1% rise in the costs of intermediate goods. Energy prices showed a modest annual increase of 0.4% in June, despite a 1.8% decline from the previous month. Destatis attributed the 23.7% annual surge in mineral oil product prices to the ongoing conflict in Iran and the Middle East.

The report also highlighted a decrease in natural gas and electricity prices, which fell by 1.8% and 4.2%, respectively. This decline indicates a market adjustment from the high price levels observed since the war in Ukraine began. Excluding energy prices, the producer price index rose by 2.4% year-on-year and 0.2% month-on-month in June.

During the same period, capital goods and durable consumer goods experienced price increases of 2.1% and 1.8%, respectively. However, non-durable consumer goods saw a 2.2% price decrease compared to June of the previous year. Within this category, food prices dropped by 4.5%, with significant reductions noted for butter and pork. The office also noted that the overall figure fell by 0.3% on a monthly basis from May.