ISTANBUL
The Federal Statistical Office (Destatis) said producer prices of industrial products were 1.8% higher in June compared to the same month last year, posting third consecutive raise in a row.
Higher costs of intermediate goods, which jumped by 5.1%, primarily drove the annual increase in producer prices.
Energy prices saw a slight annual increase of 0.4% in June, although they dropped by 1.8% compared to the previous month.
Destatis linked the 23.7% annual surge in mineral oil product prices to the ongoing conflict in Iran and the Middle East.
Natural gas and electricity prices declined by 1.8% and 4.2%, respectively, as the market adjusted from the persistently high price levels observed since the start of the war in Ukraine.
Excluding energy prices, the producer price index rose by 2.4% year-on-year and 0.2% month-on-month in June.
Capital goods and durable consumer goods also became more expensive during the month, rising by 2.1% and 1.8%, respectively.
Non-durable consumer goods registered a 2.2% price decrease compared to June of last year.
Food prices within the non-durable category dropped by 4.5%, with significant price reductions observed for butter and pork.
The office noted that the figure fell by 0.3% on a monthly basis from May.
