Germany Producer Price Inflation Fastest Since 1974
Germany’s producer prices increased in August at the fastest pace since 1974, data from Destatis revealed on Monday. Producer price inflation rose to 12 percent in August from 10.4 percent in July. This was the biggest growth since December 1974, when prices were up 12.4 percent amid the first oil crisis.
On a monthly basis, producer prices advanced 1.5 percent, but slower than the 1.9 percent increase seen in July.
Excluding energy, producer prices grew 8.3 percent. The annual growth was largely driven by the 24 percent increase in energy prices. Intermediate goods prices climbed 17.1 percent.
At the same time, prices of durable consumer goods gained 2.8 percent and that of capital goods by 2.4 percent. Non-durable consumer goods prices were up 2.1 percent.