RTTNews - Wednesday, Germany's Federal Statistical Office said in a report that the producer price index or PPI dropped 7.8% year-over-year in July, compared with a 4.6% fall in the previous month. Economists were looking for a decline of 6.5%. A year earlier, the PPI was up 8.2%.

This was the lowest annual rate since the producer price statistics started in 1949, the Destatis said.

On a monthly basis, the PPI dropped 1.5% in July, after falling 0.1% in June. Economists had expected a decline of 0.2%.

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