By Maria Martinez
German producer prices rose sharply in July, driven by higher energy prices, posting the largest increase on record, German statistics office Destatis said.
Producer prices rose 37.2% year-on-year in July, German statistics office Destatis said on Friday. This follows a 32.7% increase in June and a 33.6% increase in May.
Compared to the previous month, the producer price index rose 5.3% in July, also the highest monthly increase on record.
Energy prices rose 105.0% from a year earlier, Destatis said. Sharp increases in the price of natural gas, up 163.8% year on year, as well as a 125.4% increase in electricity prices, were the main factors behind this increase, did he declare.
The producer price index excluding energy rose 14.6% year on year, according to Destatis.
The prices of intermediate goods increased by 19.1% compared to the previous year. Significant price increases were recorded by metals, which rose 24.1% in July, Destatis said.
Prices of non-durable consumer goods rose 16.2% year on year, prices of durable consumer goods rose 10.9% and prices of capital goods rose 8.0%, according to Destatis data.
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