Tuesday, Germany's Federal Statistical Office announced that the producer price index or PPI dropped 0.5% year-over-year in March, in contrast to a 0.9% rise recorded in the previous month. Economists were looking an increase of 0.1%. A year ago, the PPI was up 3.9%.

Destatis said the producer price fall in March was the lowest since September 2002, when prices declined 1.1%.

On a monthly basis, producer prices declined 0.7% in March, after falling 0.5% in February. Economists had predicted a decline of 0.3%.

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