Berlin: Producer prices in Germany dropped by 1.1% year-on-year in October, the federal statistical office Destatis revealed on Wednesday. The decline marks the 16th consecutive month of falling producer prices.

According to Anadolu Agency, The annual decline was slightly lower than in September, which saw a 1.4% decrease. The primary factor contributing to the year-on-year drop in October was lower energy prices, despite increases in the prices of capital, consumer, and intermediate goods.

Energy prices in October were recorded to be 5.6% lower compared to the same month last year. In contrast, producer prices experienced a slight month-on-month increase of 0.2% in October.