Germany’s producer prices rise at highest rate in 70 years
Germany’s producer prices rise at highest rate in 70 years
UK inflation

BERLIN — Germany’s producer prices of industrial products in November rose by 19.2 percent compared with the same month last year, the highest year-on-year increase since November 1951, the Federal Statistical Office (Destatis) said on Friday.

Rising by 49.4 percent year-on-year, energy prices were “mainly responsible” for the high annual increase in producer prices, Destatis said. Without energy products, the main index would only be up 9.9 percent.

Among energy products, year-on-year price increases were particularly high for natural gas and electric power, up 83.4 percent and 48.0 percent, respectively, according to Destatis.

High price increases were also recorded for intermediate goods such as metals and wood, which were 19.1 percent more expensive overall in November than in the same month last year, according to Destatis.

Secondary raw materials, wooden containers and sawn timber saw particularly steep price increases of up to 80 percent. The biggest price drivers for metals were metallic steel and ferro-alloys, with annual prices rising by 54.4 percent.

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