Germany's wholesale price inflation eased in May largely due to the reduction in the energy tax on mineral oil products, data from Destatis showed on Monday.
Wholesale prices increased 5.9% year-on-year in May after rising 6.3% in April.
Destatis said the war in the Middle East pushed up wholesale prices of energy products and raw materials, in particular. Mineral oil products prices surged 30.5% from the last year. But prices dropped 7.3% from April due to the reduced energy tax rate.
Further, wholesale of non-ferrous ores, non-ferrous metals and non-ferrous semi-finished metal products advanced 36.1% in May.
On a monthly basis, wholesale prices dropped 0.6% in May, marking the first fall in five months. This reversed the 2.0% rise in April. /
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