Germany's wholesale prices logged its biggest decline since July 2020 largely due to the sharp fall in mineral oil product prices, figures from Destatis showed on Wednesday.
Wholesale prices fell 2.6 percent on a yearly basis in May, following a 0.5 percent drop in April.
This was the second consecutive decrease and was also bigger than economists' forecast of 3.3 percent fall. A similar bigger fall was last reported in July 2020.
Wholesale prices of mineral oil products plunged 22.7 percent from the last year. By contrast, prices in wholesale trade for fruit, vegetables and potatoes surged 22.5 percent.
On a monthly basis, wholesale prices dropped 1.1 percent after a 0.4 percent decrease in April.
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