German September PPI came in 0.3pp lower than expected at both the yearly and monthly measure, at -1.4% Y/Y (vs -0.8% prior) and -0.5% M/M (vs +0.2% prior).

• Consistent with German CPI developments in September, energy moved further into deflationary territory, at -6.6% Y/Y (vs -4.6% prior).
• That leaves ex-energy PPI unchanged vs August, at +1.2% Y/Y - the joint highest rate since August 2023.
• Looking at the non-energy categories, non-durable and consumption goods both ticked up to +1.5% Y/Y (vs +1.0% prior). Their yearly rates also both run at their respectively highest rate since December 2023.
• On Intermediate goods, the recent upward trend did not continue in September - its yearly rate declined slightly, to +0.5% Y/Y (vs +0.7% prior).
• Investment and durable goods PPI inflation remained unchanged vs August, at +2.0% Y/Y and +0.9%, respectively.