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Financial News: German Producer Price Inflation At Record High

German Producer Price Inflation At Record High

04/20/2022 - 04:37:00 (RTTNews)

(RTTNews) - Germany's producer price inflation accelerated to a record high in March, driven by soaring energy prices, preliminary data from Destatis showed Wednesday. The producer price index rose 30.9 percent year-on-year following a 25.9 percent increase in February. Economists had forecast 28.2 percent inflation. This was the highest increase ever compared to the corresponding month of the preceding year, Destatis said. Further, the statistical office said these results should already contain first implications deriving from Russia's attack on Ukraine.

Excluding energy, producer price inflation accelerated to 14.0 percent from 12.4 percent in the previous month. Energy prices surged 83.8 percent annually, led by a massive 144.8 percent jump in natural gas prices. Electricity prices climbed 85.1 percent and mineral oil product prices rose 61.3 percent. Prices of intermediate goods increased 23.3 percent annually, driven by a 39.7 percent rise in metal prices. Price increases for fertilizers and nitrogen compounds, wooden containers, paper and paper board, and cereal flour were especially high. Non-durable consumer goods prices increased 9.6 percent, led by higher prices for vegetable oils, butter, meat and coffee. Durable consumer goods prices climbed 7.4 percent annually, led by higher prices for furniture.

Capital goods prices rose 5.8 percent, marking the biggest increase since December 1975, when they increased 6.2 percent. The biggest impact came from a 6.4 percent rise in machine prices and a 3.8 percent increase in vehicle prices. Compared to the previous month, producer prices rose 4.9 percent in March following a 1.4 percent increase in February. Economists had forecast 2.6 percent inflation. Excluding energy, producer prices rose 2.3 percent from the previous month.

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