03 July 2012 15:11 [Source: ICIS news]
LONDON (ICIS)--Germany’s raw material price fell by 11% in June from May – measured in US dollar terms – mainly because of lower oil and coal prices amid a gloomier outlook for the global economy, an economics research group said on Tuesday.
Compared with June 2011, prices were down 16.8% year on year, Hamburgisches WeltWirtschaftsInstitut (HWWI) said, citing its monthly raw materials prices index for ?xml:namespace>
In euro terms, the declines were 9% in June from May, and 3.3% year on year from June 2011, respectively.
HWWI said almost all raw material prices - led by significantly lower oil prices - fell from May to June.
The institute noted sharp declines in prices for natural rubber because of weaker demand for cars, as well as a decline in cotton prices because of higher inventory levels.
However, excluding energy, the month-to-month decline in overall raw material prices was only 3.6% in dollar terms (1.4% in euro terms), mainly because of higher prices for wheat, soybean and maize (corn) due to drought conditions in parts of the
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