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The general producer and import price index (PPI) stood at 108.7 points in August, recording a 0.2 percent decrease compared to July, the Federal Statistical Office (BFS) announced on Thursday. There was a minus of 0.8 percent compared to August last year.
In August, individual producer prices decreased by 0.4 percent compared to the previous month and increased by 1.0 percent compared to the previous year. There was a decrease in prices of pharmaceutical products and electricity for large consumers compared to the previous month. Petroleum products were more expensive than in July.
While import prices showed a significant decrease of 4.1 percent compared to the same period last year, they increased by 0.1 percent compared to the previous month. According to BFS, the increase in crude oil and natural gas prices was especially effective in the increase compared to July.
The general producer and import price index (PPI) reached a peak of +6.9 percent in May and June 2022 and has declined in most months since then. It has been negative again since May this year.
Since production costs are normally reflected in consumer prices, PPI is considered a leading indicator for the development of consumer prices. However, it has significantly higher fluctuations and is much more volatile due to its high dependence on raw materials.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
