While the selling prices in Germany's wholesale sector in July were still 19.5 percent higher than the figures in July 2021, the annual increases have slowed down for three months in a row, according to Destatis.
The agency said sharp price rises for raw materials and intermediate products continued to support the wholesale prices. Mineral oil products, with an annual increase of 54 percent, had the biggest effect on overall price levels, according to the agency's data.
Market research institute GfK recently reported that inflation has replaced the COVID-19 pandemic as the "biggest worry" among Germans, as they look to reduce spending on food and larger purchases.
In May, inflation in Germany reached 7.9 percent, the highest level since the first oil crisis starting in 1973. Consumer prices growth has slowed down and fell to 7.5 percent in July, according to official data.
German Chancellor Olaf Scholz pledged last week to provide German citizens with further state support amid high inflation and soaring energy prices.
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