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German annual producer inflation slows further in July

German producer prices climbed 1.1% year over year in July, slowing from an annual increase of 1.2% in June, data from the Federal Statistical Office showed.

The reading beat the consensus estimate of economists polled by Econoday, pointing to a 1.0% year-over-year rise.

On an annual basis, electricity prices rose 8.4% and energy prices as a whole grew 2.1%. Food prices increased 2.2% in July and the prices of durable consumer goods grew 1.3% and those of non-durable goods climbed 1.7%.

Capital goods' prices increased 1.5% year over year in July, and the prices of intermediate goods fell 0.7%.

On a monthly basis, the producer price index increased 0.1%, following a 0.4% drop in the previous month. Energy and capital goods' prices rose month over month in July, while the prices of intermediate goods and non-durable consumer goods fell.