German producer prices rose more than expected in January, though the rate of increase eased for the fourth month in a row, signalling that inflation in Europe's largest economy could be starting to wane, according to data released on Friday.

Producer prices of industrial products were up 17.8% on the same month last year, the Federal Statistical Office reported, compared with analysts' expectations for the rate of increase to ease to 16.4%.

Compared with December 2022, prices fell 1.0%, which was above consensus for a drop of 1.6%. (Reporting by Rachel More and Miranda Murray)