He German Producer Price Index (PPI) fell 1.4% monthly in May after having grown by 0.3% in April, according to Destatis, the German Federal Statistics Office. The decline doubles consensus forecasts, as a 0.7% drop was expected.
On a year-on-year basis, producer prices are up 1%well below the 4.1% of the previous month and the estimated 1.7%.
The greatest influence on the increase in the general index in the comparison with May 2022 was the rise in the prices of capital goods and non-durable consumer goods.
EUR/USD reaction
He EUR/USD has reacted to the data with an initial move to 1.0927, the daily high, and a subsequent move towards the 1.0920 zone. At time of writing, the pair is trading above 1.0921, shedding 0.01% on the day.
Source: Fx Street
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