By Maria Martinez
Germany’s producer prices rose strongly in August from a year earlier, driven by higher energy prices, posting the biggest increase ever recorded, the German statistics office Destatis said.
Producer prices rose 45.8% on year last month, Destatis said Tuesday. This followed a 37.2% increase in July and a 32.7% rise in June.
Compared with the preceding month, the producer price index rose 7.9% in August, also the biggest month-on-month increase ever recorded.
Energy prices rose 139.0% from a year earlier, Destatis said. Strong gains in the price of electricity, up 174.9% on year, were the major factor behind the increase, it said.
The PPI excluding energy rose 14.0% on year, according to Destatis.
Prices of intermediate goods increased 17.5% from a year earlier. Significant price increases were recorded by metals, which were 19.9% up on August, Destatis said.
Prices of nondurable consumer goods increased by 16.9% on year, prices of durable consumer goods rose 10.9% and capital-goods prices increased by 7.8%, Destatis’s data showed.
Write to Maria Martinez at firstname.lastname@example.org