German wholesale prices rose 0.5 per cent on the month and 4.0 per cent on the year in May, exceeding market expectations and slowing only marginally from April levels, Federal Statistics Office data showed today.
The annual rise was well above the average market forecast of a 3.3 per cent increase.
The office said prices of citrus fruit, light heating oil and coffee beans showed the biggest monthly rises of 9.4 per cent, 3.6 per cent and 2.3 per cent respectively. The price of live pigs fell 4.3 per cent on the month, continuing a correction following steep rises earlier this year.
But on the year live pigs, poultry and pork are still more than 30 per cent higher, reflecting past price pressures on substitutes for beef in the wake of a food scare caused by mad cow disease.
Wholesale prices rose 0.4 per cent in April on the month and 4.1 per cent on the year.
Wholesale prices excluding prices of oil and oil products edged up 0.1 per cent in May and were up 3.0 per cent on the year.
In April, wholesale prices excluding oil were unchanged on the month and up 3.2 per cent on the year.