2025年3月，德国生产者价格指数意外同比下降0.2%，扭转了2月份0.7%的涨幅，也没有达到市场预测的0.4%的涨幅。这是自去年10月以来生产者价格首次下降，主要原因是能源价格下跌（-3.6%），电价下跌4.3%，天然气下跌3.6%，区域供暖下降1.9%。相比之下，非耐用消费品价格上涨2.6%，耐用消费品上涨1.3%。值得注意的是，资本货物成本也上涨了1.9%，特别是机械（+2.0%）和机动车辆、拖车和半拖车（+1.4%）。此外，中间产品价格上涨0.5%。不包括能源，生产者价格指数上涨1.4%。按月计算，PPI下降了0.7%，这是连续第四个月下降，是自2023年12月以来的最大跌幅，此前三个月下降了0.1%，没有达到市场普遍预期的0.1%的跌幅。
Producer prices in Germany unexpectedly dropped by 0.2% year-on-year in March 2025, reversing a 0.7% rise in February and missing market forecasts of a 0.4% gain. It marked the first decline in producer prices since last October, mainly driven by lower energy prices (-3.6%), with electricity prices falling 4.3%, natural gas down 3.6%, and district heating decreasing by 1.9%. By contrast, prices for non-durable consumer goods rose by 2.6%, and durable consumer goods increased by 1.3%. Notably, the cost of capital goods also advanced by 1.9%, particularly in machinery (+2.0%) and motor vehicles, trailers, and semi-trailers (+1.4%). Additionally, prices of intermediate goods rose by 0.5%. Excluding energy, producer prices advanced by 1.4%. On a monthly basis, the PPI fell by 0.7%, marking the fourth straight month of decline, the steepest falls since December 2023, following a 0.1 percent drop in the previous three months and missing the market consensus of a 0.1% drop.
