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Financial News: Germany Wholesale Price Inflation Strongest Since 1974

Germany Wholesale Price Inflation Strongest Since 1974

09/13/2021 - 02:19:00 (RTTNews)

(RTTNews) - Germany wholesale prices grew at the fastest pace since 1974 in August amid sharp increases in raw material and intermediate product prices, Destatis reported Monday. Wholesale prices increased 12.3 percent on a yearly basis, following July's 11.3 percent in July.

This was the strongest growth since October 1974, when prices were up 13.2 percent in the wake of the first oil crisis.

On a monthly basis, wholesale price inflation slowed to 0.5 percent in August from 1.1 percent in July.

There was a sharp increase in wholesale prices of many raw materials and intermediate products. Destatis also cited the very low base in the previous months in connection with the Corona crisis as the reason for higher wholesale price inflation.

Wholesale prices of ores, metals and metal semi-finished products surged 63.4 percent annually in August. Solid fuels and mineral oil product prices were up 35.5 percent.

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