Germany’s wholesale price index rose in December compared with the same month last year although at a slower pace than in previous months, according to data released on Monday.

Wholesale prices rose by 12.8% on the year, compared with a November reading of 14.9%, the federal statistics office reported. Wholesale price growth peaked in April, with a 23.8% year-on-year increase.

Compared with November 2022, the index saw a slight dip in December, falling 1.6%.

High wholesale prices are driven mainly by increased prices for raw materials and intermediate products. In December, the prices of mineral oil products rose 22.8% compared with December 2021, having the largest impact in the wholesale price index, Destatis said.