Germany's producer prices declined for the third successive month in October, and at a faster pace than expected by economics, latest data showed Wednesday.

The industrial producer price index decreased 0.7 percent on an annual basis in October, following the 0.5 percent drop seen in September, the Federal Statistical Office said. Prices have fallen for the third month in a row. Economist had forecast a slower decline of 0.6 percent for October.

The headline index was influenced by a 1.9 percent drop in prices of intermediate goods, and a similar contraction in energy costs. Meanwhile, capital goods prices increased 0.7 percent from October 2012, and consumer goods prices moved up by 1.8 percent.

The producer price index decreased 0.2 percent compared to September, when they recorded a 0.3 percent rise. The index was expected to stay unchanged month-on-month.