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Financial News: Germany Producer Prices Rise At Fastest Pace Since

Germany Producer Prices Rise At Fastest Pace Since 1982

07/20/2021 - 02:36:00 (RTTNews)

(RTTNews) - Germany's producer prices logged its fastest annual growth since 1982, data published by Destatis revealed on Tuesday.

Producer prices grew 8.5 percent on a yearly basis in June, bigger than the 7.2 percent rise posted in May. Economists had forecast an increase of 8.4 percent. This was the fastest rise since January 1982, when prices grew sharply amid second oil crisis.

Excluding energy, producer prices advanced 6 percent in June from the same period last year.

On a monthly basis, overall producer price inflation eased to 1.3 percent from 1.5 percent in May. The rate was expected to slow to 1.1 percent.

Among components, energy registered the biggest price growth of 16.9 percent caused mainly by a base effect. This was followed by the 12.7 percent increase in intermediate goods prices.

Producer prices of durable consumer goods gained 1.8 percent and that of non-durable consumer goods by 1.5 percent. Capital goods prices grew 1.3 percent.

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