Berlin: Germany's wholesale prices increased by 1.3% on a yearly basis in March, as reported by the federal statistical office on Tuesday. This rise follows earlier increments of 1.6% in February and 0.9% in January, confirming a trend of rising wholesale costs in the early months of the year.

According to Anadolu Agency, a significant factor contributing to the year-on-year increase in March was the heightened prices within the wholesale sectors of food, beverages, and tobacco. These prices saw an average rise of 4.4% compared to March of the previous year. Notably, the prices of specific items such as coffee, tea, cocoa, and spices surged by 43.5%, while sugar, confectionery, and bakery products increased by 16.3%. Additionally, milk, milk products, eggs, edible fats, and oils were 9.3% more expensive than they were a year earlier.

Conversely, certain sectors experienced a decline in wholesale prices. Computers and peripheral equipment saw a 5.6% price decrease compared to March of the previous year, while prices for iron, steel, and ferrous semi-finished metal products fell by 5.4% on average. Despite the annual increase, wholesale prices actually decreased by 0.2% on a monthly basis in March, contrary to expectations of a 0.2% rise for the month.