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Financial News: Germany Producer Price Inflation Soars To Record High

Germany Producer Price Inflation Soars To Record High

09/20/2022 - 02:59:00 (RTTNews)

(RTTNews) - Germany's producer price inflation hit a fresh record high in August driven by energy prices, data released by Destatis showed on Tuesday.

Producer prices registered an annual increase of 45.8 percent in August, faster than the 37.2 percent rise in July. The rate was forecast to ease slightly to 37.1 percent.

Energy prices soared 139.0 percent in August from the last year. Excluding energy, producer prices were up 14.0 percent.

Prices of intermediate goods were up 17.5 percent and that of capital goods rose 7.8 percent. Durable and non-durable consumer goods prices moved up 10.9 percent and 16.9 percent, respectively.

On a monthly basis, producer prices gained 7.9 percent, the highest on record, from 5.3 percent in July. Economists had expected inflation to ease sharply to 1.6 percent.

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