Sales prices in German wholesale fell in December more than they had in 14 years.
They fell by an average of 1.6 percent compared to November, as the Federal Statistical Office announced on Monday.
"The last time prices fell more sharply than in the previous month was in December 2008," it said. At that time, there was even a drop of 3.1 percent due to the global financial crisis. Petroleum products in particular, but also grain, raw tobacco, seeds and animal feed, as well as agricultural raw materials cost less than a month earlier.
Compared to the same month last year, wholesale prices increased by 12.8 percent - this is the smallest increase in more than a year.
The peak so far was reached in April with an increase of 23.8 percent - the strongest increase since the statistics were introduced in 1962.
With the falling inflation rate, there are increasing indications that inflation in Germany may have passed its peak.
Wholesale is the link between manufacturers and end customers.
Higher costs end up at least partly with the consumers.
On average for 2022, sales prices were increased by an average of 18.8 percent.
"In particular, the price increases in the wholesale trade in mineral oil products had a decisive influence on the change compared to the previous year," it said.
There was an increase of 50.1 percent as a result of the energy crisis triggered by the Russian invasion of Ukraine.
Also in the wholesale of chemical products (+37.7 percent), grain, raw tobacco, seeds and animal feed (+32.9), as well as milk, milk products, eggs, edible oils and dietary fats (+32.6), as well as ores and metals and semi-finished metal products (+21.7), prices increased significantly on average over the year.