Germany’s PPI rose 0.1% MoM (vs 0.0% MoM expected) in June 2025 but declined -1.3% YoY, marking a slightly deeper annual drop than May’s -1.2% YoY, mainly due to lower energy and intermediate goods prices.

• Excluding energy, PPI rose 0.1% MoM and 1.3% YoY.
• Energy prices fell -6.4% YoY (+0.3% MoM), driven by electricity (-8.8% YoY), natural gas (-6.9% YoY), and mineral oil products (-7.7% YoY).
• Non-durable consumer goods rose 0.4% MoM and 3.6% YoY; food prices rose 0.6% MoM and 4.4% YoY, led by coffee (+41.2% YoY), beef (+37.5% YoY), and butter (+18.2% YoY).
• Capital goods prices were flat MoM and up 1.7% YoY; durable consumer goods rose 0.2% MoM and 1.7% YoY.
• Intermediate goods fell -0.2% MoM and -0.4% YoY, with basic chemicals (-2.6% YoY), metals (-1.6% YoY), and steel (-6.2% YoY) leading the declines.