By Maria Martinez
Germany’s producer prices rose strongly in July, driven by higher energy prices, posting the biggest increase ever recorded, the German statistics office Destatis said.
Producer prices rose 37.2% on year in July, the German statistics office Destatis said Friday. This follows a 32.7% increase in June and a 33.6% rise in May.
Compared with the preceding month, the producer prices index rose 5.3% in July, also the biggest month-on-month increase ever recorded.
Energy prices rose 105.0% from a year earlier, Destatis said. Strong gains in the price of natural gas, up 163.8% on year, as well as a 125.4% increase in the prices of electricity, were major factors behind the increase, it said.
The producer price index excluding energy rose 14.6% on year, according to Destatis.
Prices of intermediate goods increased 19.1% from a year earlier. Significant price increases were recorded by metals, which were 24.1% up on July, Destatis said.
Prices of nondurable consumer goods increased by 16.2% on year, prices of durable consumer goods rose 10.9% and capital-goods prices increased by 8.0%, Destatis’ data showed.
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